According to Roscongress’ report “Decolonization of energy trade – from dollars to national currencies”, an alternative to the International Monetary Fund (IMF) for BRICS member countries can be the New Development Bank. DEA NewsRIA News.
“One potential option for bilateral trade between BRICS countries could be the use of energy loans, analogous to special drawing rights in the IMF,” the report says.
It is assumed that energy exporting countries can withdraw credit funds received for necessary projects that will increase the volume of trade in national currencies despite trade imbalances.
The New Development Bank can be the vehicle for such loans.
The New Development Bank was established by the BRICS member countries (Brazil, Russia, India, China and South Africa).
Former Senator Alexei Pushkov estimated The beginning of the global financial revolution due to the success of the BRICS countries.