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BRICS to Compete with Western-Dominated World Bank, IMF

Brazil, Russia, India, China and South Africa are seeking to launch a competitor organization to the World Bank and a $100 billion fund to compete with the International Monetary Fund. The five emerging economies, known as the BRICS, are expected to unveil the alternative organizations Tuesday at a summit in Fortaleza, Brazil. Tentatively called the New Development Bank, the World Bank alternative will start with $50 billion to fund poverty relief efforts in developing countries. Each...

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