Journal of Business & Economic Policy

ISSN 2375-0766 (Print), 2375-0774 (Online) DOI: 10.30845/jbep

Challenging the Dominance of the World Bank and the IMF: The Role of the BRICS Countries and Their New Development Bank in Latin American and the Caribbean
Dr. Donna E. Danns, Dr. GeorgeK. Danns

Since the end of the World War II the World Bank and the International Monetary Fund (IMF) emerged as the pre-eminent international financial institutions (IFIs). Their roles have evolved overtime and today they are viewed inter alia as dictating access to development aid and promoting free-market policies. The BRICS (Brazil, Russia, India, China and South Africa) have created the BRICS Bank as an alternative to the traditional dominance of the IMF/World Bank. This paper pinpoints the role and functioning of the IMF/World Bank and their relations with Latin American and Caribbean (LAC) countries. It assesses the implications of the BRICS countries as an economic bloc and their emergent BRICS Bank for the LAC region. Official reports and secondary data are used to support the analyses.

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