BRICS establish $100bn bank and currency reserves to cut out Western dominance

[WAR-rior]

Together we are strong.....

I am sure, after a decade or so, it wud be BRIICS. Indonesia is a booming economy. With more focussed plans, U guyz can touch 2 Tn. Then you guyz will be fit enough to contribute the grp within.

 

[Jlaw]

China got shafted in the deal. Why China puts in the most money but has the same voting rights as the others is a slap on the face for PRC. This is the joke of the decade.

China -$41 Billion USD
Russia-6b
Brazil - 6b
India -6b
South Africa - 6b

 

[Abingdonboy]

Really fantastic news.

And before anyone complains about why South Africa is in the grouping, bear in mind they represent the continent of Africa. And they are thus of great geopolitical and economic importance.

Also, the headquarters will be in Shanghai.

The Presidency goes to India, chairmanship to Russia.

I still feel South Africa is the lame duck in this grouping, if there needed to be an African member (dubious IMHO) then why not go for Nigeria?

 

[Beidou2020]

China got shafted in the deal. Why China puts in the most money but has the same voting rights as the others is a slap on the face for PRC. This is the joke of the decade.

China -$41 Billion USD
Russia-6b
Brazil - 6b
India -6b
South Africa - 6b

It's even worse than that.

Even though China put $41 billion into the currency reserve pool, we can only withdraw HALF ($20.5 billion) that amount, whereas Brazil, India and Russia contributed $18 billion each and each of them can withdraw the FULL ($18 billion) amount. South Africa contributed $5 billion but they can withdraw DOUBLE ($10 billion) the amount they contributed.

China got screwed in a major way.

We have same voting share even though we contribute the most money AND we can only withdraw HALF of what we contributed.
CPC have caved in.
Utter disgrace.

 

[Abingdonboy]

China got shafted in the deal. Why China puts in the most money but has the same voting rights as the others is a slap on the face for PRC. This is the joke of the decade.

China -$41 Billion USD
Russia-6b
Brazil - 6b
India -6b
South Africa - 6b

Where did yo get these figures? Brazil, India and Russia all put in $18BN with S.Africa putting in $5BN and AFAIK a system of multipliers will compensate for the imbalance in contributions - China will be able to use half of what it put in, or $20.5 billion; South Africa will have access to double its contribution, or $10 billion, while Russia, India and Brazil will be able to receive the sum that they committed,

 

[Jlaw]

Where did yo get these figures? Brazil, India and Russia all put in $18BN with S.Africa putting in $5BN and AFAIK a system of multipliers will compensate for the imbalance in contributions - China will be able to use half of what it put in, or $20.5 billion; South Africa will have access to double its contribution, or $10 billion, while Russia, India and Brazil will be able to receive the sum that they committed,

was from RT news unless the figures have been updated.

 

[Abingdonboy]

It's even worse than that.

Even though China put $41 billion into the currency reserve pool, we can only withdraw HALF ($20.5 billion) that amount, whereas Brazil, India and Russia contributed $18 billion each and each of them can withdraw the FULL ($18 billion) amount. South Africa contributed $5 billion but they can withdraw DOUBLE ($10 billion) the amount they contributed.

China got screwed in a major way.

We have same voting share even though we contribute the most money AND we can only withdraw HALF of what we contributed.
CPC have caved in.
Utter disgrace.

I'm sure your leadership aren't fools, if they didn't like the situation they could have put the brakes on the entire bank but they have agreed to is so be sure your leadership feels they are gaining more than they are losing...

was from RT news unless the figures have been updated.

From RT:

The $100 billion crisis lending fund, called the Contingent Reserve Arrangement (CRA), was also established. China will contribute the lion’s share, about $41 billion, Russia, Brazil and India will chip in $18 billion, and South Africa, the newest member of the economic bloc, will contribute $5 billion.

 

[Jlaw]

It's even worse than that.

Even though China put $41 billion into the currency reserve pool, we can only withdraw HALF ($20.5 billion) that amount, whereas Brazil, India and Russia contributed $18 billion each and each of them can withdraw the FULL ($18 billion) amount. South Africa contributed $5 billion but they can withdraw DOUBLE ($10 billion) the amount they contributed.

China got screwed in a major way.

We have same voting share even though we contribute the most money AND we can only withdraw HALF of what we contributed.
CPC have caved in.
Utter disgrace.

I am not able to figure out what game CPC is playing. But on the surface it seems like they are given in to every country nowadays.

China moves oil rig out of waters Vietnam claims

 

[Abingdonboy]

I am not able to figure out what game CPC is playing. But on the surface it seems like they are given in to every country nowadays.

China moves oil rig out of waters Vietnam claims

Smart moves, perhaps they have realised they are not going to get very far by antagonising everyone around them, as the saying goes " you can catch more flies with honey than with vinegar".

 

[Jlaw]

Smart moves, perhaps they have realised they are not going to get very far by antagonising everyone around them, as the saying goes " you can catch more flies with honey than with vinegar".

But if you have electric fly swatters, who gives a fxxk about flies?

 

[Beidou2020]

I am not able to figure out what game CPC is playing. But on the surface it seems like they are given in to every country nowadays.

China moves oil rig out of waters Vietnam claims

What worries me is how the CPC is caving into Yankee demands. Most other countries are not really that much of a threat but caving into Yankee thuggery is crossing the red line.
Liberal voices in the CPC (clowns like Wang Yang) are making us look weak.
I hate the liberals with passion.

 

[9876]

What are those bright chances that are lingering since six decades?
Pakistan does not have a clean Head of state at the top like India (Modi)
For saying you might say, Pakistan might win the world cup Football one day Insha allah....but does it carry any weight.
Business part is well clear, but where is even the business in Pakistan?

I cant comment on the past 6 decades, only the last two or so. The situation in Pakistan is changing very quickly. Pakistans more stable today then it has been for a long time- that in itself will attract foreign investment. The energy crisis is being dealt with. There are a number of positive economic indicators.

I get the impression you're someone who dislikes pml-n. Your hate blinds you from seeing what is black and white. I was initially a PTI supporter but the current government has done an excellent job. Give credit where it's due.

I don't think Pakistan could ever be able to have a strong, stable
economy needed to put in large investments into the BRICS

Ridiculous comment. Put your biased hatred for Pakistan aside for a moment and use common sense. Pakistan has a population of ~200 million. It has a large land mass (by comparison to other stronger economies). It has untapped natural resources. It's holds an important geopolitcal position. The potential is there.

 

[Gessler]

Ridiculous comment. Put your biased hatred for Pakistan aside for a moment and use common sense. Pakistan has a population of ~200 million. It has a large land mass (by comparison to other stronger economies). It has untapped natural resources. It's holds an important geopolitcal position. The potential is there.

I take back my "ever", but I don't see any Pakistan getting to be part of BRICS in the foreseeable future atleast.

If talking about the future beyond the horizon (as aimless as that could be), no one can tell for sure.

 

[sau07]

If BRICS Bank has to rival the IMF and World bank in future then surely it has to gradually increase it's member base ,and accepting Asian countries is more beneficial for BRICS than admitting any western mole.

 

[9876]

I take back my "ever", but I don't see any Pakistan getting to be part of BRICS in the foreseeable future atleast.
If talking about the future beyond the horizon (as aimless as that could be), no one can tell for sure.

If foreseeable future you mean the next 15-20 years, i agree 100%. Mid-century and beyond, I think there is a possibility.