Governments in developing and developed countries have in recent years strongly criticised the IMF, World Bank and credit ratings agencies for being biased towards western countries and serving their political interests. The Brics (Brazil, Russia, India, China and SA) leaders are repeatedly calling for fast-tracking the establishment and strengthening of their own institutions to substitute the western-biased ones. Questions have been asked whether these calls are about fulfilling financial needs or a backlash against the weakening political and economic effects of Brics countries. The political and economic turmoil characterising the Brics countries is damaging the reputation and trust for success of the bloc and its institutions — the New Development Bank and the Brics ratings agency. Internal tension is threatening its long-term survival. India boycotted Beijing’s One Belt, One Road summit in protest against the project’s infringement on the nation’s sovereignty. China is pushing...

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