A Zimbabwean professor has highlighted the BRICS New Development Bank (NDB) as a crucial alternative to the International Monetary Fund (IMF), offering better financial terms to developing nations. He emphasized the NDB’s role in helping countries like Zimbabwe escape debt cycles and discussed the introduction of Zimbabwe Gold (ZiG), a currency backed by mineral wealth,…
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The U.S. share of the global economy has fallen below 15% during President Joe Biden’s term, according to Sputnik’s analysis of World Bank and International Monetary Fund (IMF) data. Once peaking at over 21% in 1999, the U.S. has seen a steady decline, with China now commanding a larger share at 18.76%. This downward trend…
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The Ethiopian Prime Minister, Abiy Ahmed, has defended the decision to float the birr and insisted that this move does not amount to the devaluation of the currency. Ahmed stated that the intention is to unify the official and parallel market exchange rates. Reports suggest that Ethiopia’s decision to float the birr was promptly rewarded…
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El Salvador has proposed using cryptocurrency as an alternative payment method for trade with Russia. The Central American nation has reportedly expressed interest in joining the BRICS bloc and may formally apply for membership within one or two years. Ukraine-Russia Conflict Echoes in Central America El Salvador has proposed settling trade with Russia using cryptocurrency,…
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The World Bank Executive Director for Russia forecasts that BRICS nations will soon dominate the World Bank and the International Monetary Fund (IMF), attributing this shift to inevitable macroeconomic and demographic changes away from Western dominance. He emphasized the importance of working patiently toward this goal and resisting provocations from those upholding the old global…
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The World Bank has announced that it will issue its first CHF digital bond on June 11. This 7-year, CHF 200 million ($219 million) bond is the largest CHF issuance by the World Bank since 2009. It utilizes distributed ledger technology and settles using Swiss Franc wholesale central bank digital currency (CBDC) from the Swiss…
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The development bank founded by the BRICS bloc of emerging economies aims to promote a multipolar financial system, its head, Dilma Rousseff, has indicated. As part of these efforts, the institution seeks to expand lending in local currencies, those of member states in particular, such the South African rand and the Brazilian real. BRICS Development…
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As quoted by Ennahar TV, Algerian president Abdelmadjid Tebboune has signaled that Algeria — Africa’s largest nation — is eager to align itself with the BRICS coalition. He conveyed that this significant alignment with the five major emerging economies could potentially unlock unprecedented economic prospects for all the nations. Algeria Sets Sights on BRICS In…
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Janet Yellen, serving as the 78th U.S. Treasury secretary, emphatically declared on Sunday that bolstering Ukraine represents “the single best thing we can do for the global economy.” Furthermore, Yellen expressed caution regarding the premature removal of trade constraints against China, a remnant of the Trump era. The Treasury secretary flagged the Asian superpower for…
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Nigerian human rights activist and lawyer, Femi Falana, has accused the International Monetary Fund (IMF) and the World Bank (WB) of sabotaging the currency swap arrangement between China and Nigeria. Falana said the Nigerian central bank and the two global financial institutions are helping to perpetuate “the dominance of the United States dollar in Nigeria.”…
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