Jakarta - saba:
Indonesian Deputy Finance Minister Thomas Jiwandono confirmed on Monday that the new development bank established by the BRICS countries will not be a tool for political pressure on countries, unlike the International Monetary Fund.
The Indonesian news agency Antara quoted the Indonesian official as saying on the sidelines of a meeting of BRICS finance ministers and central bank governors in Brazil: "I don't see the structure of the new development bank as similar to the IMF, because the governance system in the BRICS group is different. It always respects the sovereignty of each country."
The Indonesian official added that the new bank ensures that member states do not interfere in each other's affairs, making it a unique model for international financial cooperation based on mutual respect and shared interests.
The BRICS group was founded in 2006 and includes Russia, China, India, and Brazil. South Africa joined in 2011. Egypt, the United Arab Emirates, Ethiopia, and Iran joined in early 2024, and Indonesia officially joined in January 2025.
Countries such as Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam cooperate with the group as "partners." Brazil assumed the presidency of the group this year, following Russia's presidency last year, and India will assume the presidency next year.
It is worth noting that the New Development Bank was established by the BRICS countries based on an intergovernmental agreement signed during the sixth summit of the group in Fortaleza in July 2014. The bank aims to finance infrastructure and sustainable development projects in BRICS countries and developing countries.
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