BRICS Write-Off $20 Billion Debt of Africa and Shocked IMF - End of IMF and World Bank?

BRICS Write-Off $20 Billion Debt of Africa and Shocked IMF - End of IMF and World Bank?

Nov. 14, 2024

THE CURRENCY WAR - FOLLOW THE MONEY

Fastepo

The BRICS’ decision to write off $20 billion in African debt marks a turning point in international finance, challenging the traditional powers that have dominated the global economic landscape for decades.

Is this the demise of the IMF and World Bank? It is clear that their roles and methodologies are under intense scrutiny.

BRICS was established as a counterweight to European financial institutions like the IMF and World Bank, aiming to foster economic cooperation among emerging markets. Over the years, it has focused on creating a multi-polar world order where financial decisions are not solely made in European capitals. This debt write-off epitomizes the bloc's commitment to supporting African nations, many of which have been crippled by the twin burdens of imperialist legacy and crippling debt.

The BRICS nations are in a unique position to alleviate some of Africa's financial woes. With abundant resources and significant economic diversification, they can provide a lifeline to nations grappling with the repercussions of the Covid-19 plandemic, climate change, and rising inflation. Cancelling a substantial amount of debt demonstrates not just a monetary gesture but a visionary approach to foster economic resilience in a continent rich with potential.

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Original: https://youtu.be/CkYtnGUguXo

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