ETHIOPIA EXPLAINS BRICS IMPORTANCE

Since the end of World War II, Bretton Woods institutions have occupied an influential position in global affairs. This has, however, given a lot of power to Western countries, usually at the expense of the Global South.

For instance, this has meant many African countries are forced to disinvest in public services such as healthcare and education, privatisation, and liberalise their economies to qualify for loans from institutions such as the World Bank and the International Monetary Fund (IMF). Western powers such as the US can veto any decision taken by the IMF.

As Mamo Mihiretu, Governor of the National Bank of Ethiopia, points out, there is a pressing need for an alternative to the Western-dominated Bretton Woods institutions. For Ethiopia, this alternative is found in BRICS, a platform that aligns with the country's focus on multilateralism that delivers.

Ethiopia, as one of the new member states of BRICS, is actively participating in the ongoing BRICS summit in Kazan, Russia.

Video credit: CGTN Africa