ASIATODAY.ID, MOSCOW – The BRICS New Development Bank (NDB) provides more flexible and supportive terms than the International Monetary Fund (IMF), an associate professor at the University of Zimbabwe has told RT in an exclusive interview.
Kudzai Dominic Chiwenga, who is also the founder and chairman of the NPC Zimbabwe-Russia Youth Foundation, said the NDB was designed to provide a “fairer system” for member nations and other developing countries.
While the IMF was originally established to aid developing countries, many nations, including Zimbabwe, have found themselves trapped in cycles of debt, with high interest rates and unfavorable borrowing conditions, he stated.
The NDB, Chiwenga believes, could provide more equitable financial support and serve as a “breath of fresh air” for countries looking for alternatives to traditional global financial institutions. “It’s an open-door policy that is open to other countries,” he added.
The NDB was founded in 2015 by the BRICS nations – Brazil, Russia, India, China, and South Africa – to mobilize resources for infrastructure and sustainable development projects in the bloc and other emerging markets. As part of its expansion, the bank welcomed Bangladesh, Egypt, the United Arab Emirates, and Uruguay as new members in 2021. In September 2023, Algeria was also granted membership.
Chiwenga emphasized the importance of Zimbabwe’s evolving economic strategies. One such initiative is the country’s new currency, the Zimbabwe Gold (ZiG), which is pegged to the commodity. The professor explained that this was part of a broader effort to anchor Zimbabwe’s economy to its abundant natural resources, particularly minerals.
“In Africa, we are rich in minerals, and naturally, we want to tether our economy to the areas where we are strongest in,” he said, referring to the country’s struggles with inflation and the impact of economic sanctions.
Zimbabwe has maintained a long-standing policy of fostering friendly relations with nations across the globe, including a strong bond with Russia, Chiwenga said.
According to the professor, the partnership between Harare and Moscow dates back to the Soviet era, when the African state sought support during its liberation from colonial rule.
The Soviet Union was one of the few nations that stood by Zimbabwe during this critical time, a connection that continues to thrive today. Despite external criticism, Zimbabwe remains committed to maintaining its friendships and advancing mutual cooperation in key areas such as agriculture, energy, education, tourism, technology, and innovation, he noted.
“Russia is a very good friend to the people of Zimbabwe,” he added.
Guarantees Multipolar World
Countries in Europe are starting to realize that BRICS can ensure global multipolarity without blackmailing its members, unlike the US-led G7 or EU, State Duma Chair Vyacheslav Volodin has said.
The top Russian MP was commenting on Serbia’s plans to explore the option of joining the group of emerging economies instead of the EU as announced by the country’s deputy prime minister, Aleksandar Vulin, on Sunday.
Serbia applied to join the EU in 2009 and has been a candidate for membership since 2012. However, Brussels has been making increasingly stiff demands while offering no progress toward membership in return, according to Vulin. He explained that while Belgrade sees the EU as a partner, “we are not entirely sure that the EU sees us as a partner.”
“Serbia intends to join BRICS. This option is being considered as an alternative to the European Union,” Volodin wrote on his Telegram channel on Monday, adding that “more and more countries understand that BRICS guarantees a multipolar world.”
Volodin pointed out that BRICS members and observers are not “blackmailed” or offered “absurd conditions for cooperation.” Likewise, their “sovereign affairs” are not interfered with, unlike EU members, he added.
According to Volodin, the meddling policies of Washington and Brussels have led to the “opposite effect” than intended and have helped facilitate the rapid growth of the BRICS economies. The group has grown from an acronym into an informal alliance that has overtaken the G7 in terms of share of global GDP.
“The European Union is stagnating: in Germany, Austria, Finland, Estonia GDP is declining and industry is suffering significant losses,” Volodin said.
With its current members, BRICS accounts for 45% of the world’s population, he said, adding that the “time for the hegemony of Washington and Brussels is running out.”
BRICS was originally founded in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2011. This year, four more countries – Egypt, Iran, Ethiopia, and the United Arab Emirates – officially became members. Saudi Arabia has also been invited to join the group and participates in BRICS meetings, but has not taken up full membership.
Russia will host the bloc’s annual summit later this month. The members are slated to approve a new status within the group – that of a BRICS partner country. (RT/AT Network)
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