The World Bank Executive Director for Russia forecasts that BRICS nations will soon dominate the World Bank and the International Monetary Fund (IMF), attributing this shift to inevitable macroeconomic and demographic changes away from Western dominance. He emphasized the importance of working patiently toward this goal and resisting provocations from those upholding the old global system.
BRICS to Dominate Global Financial Institutions, Says World Bank Executive Director for Russia
Roman Marshavin, World Bank Executive Director for Russia, said in an interview with TASS this week that BRICS nations will soon control the World Bank and the International Monetary Fund (IMF). Marshavin has represented the Russian Federation and the Syrian Arab Republic at the World Bank Group since November 2018.
The World Bank Executive Director emphasized that Western nations currently dominate these institutions, but macroeconomic and demographic shifts are steering control toward BRICS countries. “As in any other corporation, the ‘shots are called’ by those who own a controlling stake,” he described, elaborating:
So far, Western countries hold control over the Bretton Woods institutions, but the transition of control over to the global majority countries led by BRICS is only a matter of time due to macroeconomic, demographic and other trends.
BRICS, an acronym for Brazil, Russia, India, China, and South Africa, represents a coalition of major emerging economies. Earlier this year, the group expanded to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE), broadening its geopolitical and economic influence.
Calling for active participation and cooperation with friendly nations to expedite this transition, Marshavin remarked:
We need to patiently work on bringing this moment closer and not give in to the provocations of those who cling to the outdated global system.
The World Bank Executive Director concluded by stressing the importance of Russia’s involvement in this shift. “Russia’s voice is important here, and it would be irrational not to use those possibilities, particularly now as we observe a new world order emerging,” he stated, underscoring the necessity of adapting to the evolving global landscape.
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