BRICS Nations Setting Up $100 Billion Fund

WASHINGTON, D.C. (Worthy News)– The BRICS nations are setting up a $100-billion fund to steady currency markets, as well as a development bank.

The BRICS nations are likely to formally announce the setting up of a $100-billion fund, which will help member countries tide over a current account deficit crisis, at their fifth summit next week in Brazil.

China will be the largest donor to this fund and is expected to contribute around $41 billion. India, Russia and Brazil will contribute $18 billion each with South Africa bringing in the remaining $5 billion. Typically, these contributions are in the form of commitments and no actual fund flow happens until the money is required.

Russian President Vladimir Putin had last year spoken about creating a $100-billion fund to steady currency markets at a meeting of BRICS leaders. This fund is in addition to the development bank, the other important part of the evolving BRICS financial architecture, which is expected to be formally launched through a treaty next week in Brazil.

Don’t rely on social media to see what matters — get the Worthy Brief by email.

Lift this up in Prayer

16

people are currently praying.

Latest Worthy News

Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

Books by George Whitten

The Biblical Fall Feasts Revealed https://biblicalfallfeasts.com

An in-depth look at the Biblical fall feasts and their prophetic significance for believers today.

Buy on Amazon

Identity in Messiah Revealed https://identityinmessiah.com

A devotional journey calling believers out of self-doubt and into confident, Kingdom-rooted identity in the Messiah.

Buy on Amazon

As an Amazon Associate I earn from qualifying purchases.