BRICS economies plan NDB to alternative of World Bank, IMF

         The biggest emerging  economies know as BRICS nations leaders are Brazil, Russia, India, China and south africa. on 6th general meeting of BRICS summit  held on 14-16 july,2014 in Brazil, leader of brics nations are officail inauguration of the long awaiting New Development Bank, its headquarters in Shanghai, China, starting with the $100 billion joint US dollor carrency reserve pool."I am confident that closer economic and financial cooperation between BRICS countries will allow us to implement truly large-scale joint programs with the aims of securely developing our nations," Putin said. BRICS is "acquiring a new quality," he said.

The mazor agenda are duscuss about formation of New Development Bank and nuclear power cooparation, other point are to idea of economic development, cooperation of export credit agency and and innovation. "These steps would allow us to strengthen our nations' energy security and prepare us for the creation of new instruments and new institutes to trade energy resources,"said by Vladimir Putin

Due to disappoinment with discriminiroty policy of IMF and non imlimentationof 2010 IMF reform, it nagative impact on IMFs legitimacy, credibility and effecteness. The BRICS summit is a voice of The BRICS nation for International affairs and monatory market.

some of analysts wrote that NDB (New Development Bnak)  as a challange to the IMF and World Bank, and it affect to  current IMFs, World Bank and US $ dominance in international market i.e  The BRICS Nations are trying to free themselves from US dominace. "will become one of the largest multilateral financial development institutions in the world," Putin said