• Tuesday, May 28, 2024

Business

BRICS bank exec: World powers ‘misuse’ World Bank and IMF

Jim Yong Kim (right) has just been reconfirmed for a second term at the World Bank

By: Eastern Eye Staff

EUROPE and the United States have “misused” the World Bank and International Monetary Fund for their own ends, according to an executive at a new bank launched by major developing countries. While such an accusation is hardly new, it is unusual for it to come from a rival institution. “The Washington institutions fundamentally reflect the point of the view, the interest, the ideology of the North Atlantic powers, the Europeans on one hand the Americans on the other,” Paulo Nogueira Batista, vice president and chief risk officer at the New Development Bank, told reporters in an interview. The remarks come…

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