(Worthy News)-- Russian President Vladimir Putin ratified an accord Saturday to set up a $100-billion reserve fund for the so-called BRICS -- the five leading emerging economies that include Russia, China, Brazil, India and South Africa, Agence France-Presse reported.
Moscow is expected to contribute $18 billion to the reserve, well behind the $41 billion China has promised to pour into the fund that was set up after an agreement signed in July 2014 in Brazil.
The emerging economies also plan to form their own international bank based in Shanghai to challenge western dominance over international money markets. --[wp_colorbox_media url="http://www.businessinsider.com/afp-russia-signs-up-to-100-bn-brics-fund-to-rival-imf-2015-5" type="iframe" hyperlink="Source"]
Copyright 1999-2017 Worthy News. All rights reserved.
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.