The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Established on December 27, 1945 at the Bretton Woods Conference, primarily according to the ideas of Harry Dexter White and John Maynard Keynes, it started with 29 member countries and the goal of reconstructing the international monetary system after World War II. It now plays a central role in the management of balance of payments difficulties and international financial crises. Through a quota system, countries contribute funds to a pool from which countries can borrow if they experience balance of payments problems. As of 2016, the fund had SDR 477 billion.
A reserve currency is a foreign currency that is held in significant quantities by central banks or other monetary authorities as part of their foreign exchange reserves. The reserve currency can be used in international transactions, international investments and all aspects of the global economy. It is often considered a hard currency or safe-haven currency.
BRIC is a term describing the foreign investment strategies grouping acronym that stands for Brazil, Russia, India, and China. The separate BRICS organisation would go on to become a political and economic organization largely based on such grouping.
Brazil–Russia relations have seen significant improvement in recent years, characterized by increased commercial trades and cooperation in military and technology segments. The two countries maintain important partnerships in areas such as space, military technologies, and telecommunications.
The Chiang Mai Initiative (CMI) is a multilateral currency swap arrangement among the ten members of the Association of Southeast Asian Nations (ASEAN), the People's Republic of China, Japan, and South Korea. It draws from a foreign exchange reserves pool worth US$120 billion and was launched on 24 March 2010. That pool has been expanded to $240 billion in 2012.
Central bank liquidity swap is a type of currency swap used by a country's central bank to provide liquidity of its currency to another country's central bank. In a liquidity swap, the lending central bank uses its currency to buy the currency of another borrowing central bank at the market exchange rate, and agrees to sell the borrower's currency back at a rate that reflects the interest accrued on the loan. The borrower's currency serves as collateral.
The inaugural BRIC summit took place in Yekaterinburg, Russia on June 16, 2009. The four heads of government from the BRIC countries attended.
The 2010 BRIC summit took place in Brasília, Brazil on April 16, 2010. This was the second BRIC summit after Yekaterinburg in 2009. The meeting took place between the four heads of government from the BRIC states following bilateral meetings in the prior days.
The 2011 BRICS summit took place in Sanya on the island of Hainan, China, on 14 April 2011. This was the third BRICS summit since 2009 and the first to formally include South Africa after its accession to the group in December 2010. The meeting took place between the five heads of state/heads of government from the BRICS states following bilateral meetings in the prior days.
BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. Originally identified to highlight investment opportunities, the grouping evolved into a cohesive geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies since 2009. Bilateral relations among BRICS are conducted mainly on the basis of non-interference, equality, and mutual benefit.
The 2012 BRICS summit was the fourth annual BRICS summit, an international relations conference attended by the heads of state or heads of government of the five member states Brazil, Russia, India, China and South Africa. The summit was held at Taj Hotel in New Delhi, India on 29 March 2012 and began at 10:00 Indian Standard Time. This is the first time that India has hosted a BRICS summit. The theme of the summit was "BRICS Partnership for Global Stability, Security and Prosperity".
The 2013 BRICS summit was the fifth annual BRICS summit, an international relations conference attended by the head of states or heads of government of the five member states Brazil, Russia, India, China and South Africa. The summit was held in Durban, South Africa in 2013. This completed the first round of BRICS summits.
The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa). According to the Agreement on the NDB, "the Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments." Moreover, the NDB "shall cooperate with international organizations and other financial entities, and provide technical assistance for projects to be supported by the Bank."
The 6th BRICS summit was the sixth annual diplomatic meeting of the BRICS, a grouping of major emerging economies that includes Brazil, Russia, India, China and South Africa. It was hosted by Brazil, as the first host country of the current five-year summit cycle; the host city was Fortaleza. Though Brazil had previously hosted a four-member BRIC summit in April 2010, 2014 marked its first full BRICS summit; the 2010 summit in Brasília did not officially include South Africa, who were only invited as guests as a prelude to their gaining full membership in December 2010. Argentine President Cristina Kirchner was a special guest of the summit, and the BRICS leaders met with their UNASUR counterparts shortly after. The 6th BRICS summit resulted in the official inauguration of the New Development Bank, a multilateral development bank intended as an alternative to the World Bank and International Monetary Fund.
The 7th BRICS summit was the seventh annual diplomatic summit of the head of states or government of the BRICS member states. It was held in the Russian city of Ufa in Bashkortostan on 8–9 July 2015.
Dedollarisation refers to countries reducing reliance on the U.S. dollar as a reserve currency, medium of exchange or as a unit of account.
The 2022 BRICS summit is the fourteenth annual BRICS summit, an international relations conference attended by the heads of state or heads of government of the five member states Brazil, Russia, India, China and South Africa. It was the third time that China hosted the BRICS Summit after 2011 and 2017. The summit was hosted virtually by video conference.
Paulo Nogueira Batista Jr is a Brazilian economist who was an Executive Director at the International Monetary Fund (IMF) from April 2007 to June 2015. He also was one of the founding members of the New Development Bank (NDB) in Shanghai, where he held the vice-presidency between 2015 and 2017. Author of seven books and a vast list of economic papers and publications, Nogueira has been also a frequent contributor to Brazilian magazines as Carta Capital and prominent daily newspapers as O Globo, based in Rio de Janeiro. The relation between nation, nationalism and globalization is one of his favorite subjects.
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