BRICS: THE CHALLENGES AHEAD. A new study by the South African Institute of International Affairs (SAIIA) looks at the challenges awaiting BRICS, the latest International Development Bank whose goal is to fund infrastructure projects particularly in developing countries. Remember BRICS is a partnership between Brazil, Russia, India, China and South Africa, and from my perspective, such an important venture was needed decades ago. However it is never too late for a good constructive initiative that could potentially benefit three quarters of the worlds population, all faiths and racial backgrounds combined. BRICS was reportedly created because there are little reforms in the existing global financial institutions formed by western countries. Most of which are under the influence of post Second World War geo-politics. The World Bank and the IMF serve their backers combined national interests, and possibly maintain outdated imperialist/neo-colonialist ideologies in a similar way that NATO is maintained today, yet it is past it's sell-by date. To the organization, a much desired de-escalation with Russia would literally be like committing suicide. Many African countries lament how World Bank/IMF development loans and grants come with political and economic strings attached (e.g. the largely unsuccessful Structural Adjustment Programs that cuts government services to the people and imposed austerity - in other words poverty - on already poor Third World populations). Meanwhile emerging economies require immediate and monumental infrastructure funding. However Africa (and Uganda in particular) must avoid any over-excitement about the new alternative. A loan is still a loan. It has to be repaid whether it was issued by the World bank, or the local loan shark/money lender, or BRICS. The developing world therefore still needs to conduct rigurous reflexion before applying for BRICS financing. Economic planning that should be based on our own sound development priorities. Only then should they knock at BRICS door. And it is only then that we will read the fine-print "terms and conditions" as well, won't we?
By Hussein Lumumba Amin 19/07/2016 Download the full SAIIA research study here: saiia.org.za/occasional-papers/the-new-development-bank-moving-the-brics-from-an-acronym-to-an-institution
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