The BRICS new development bank as alternative to the world Bank and IMF: a better economic balance and sustainable development for African Region
Loading...
Date
2023
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
University of Zululand
Abstract
The BRICS economies—Brazil, Russia, India, China, and South Africa—represent the vanguard of emerging economies. Over the past 20 years, they have benefited from both the benefits and drawbacks of globalisation, impressing with quick, accelerated growth rates. Hence the need to study the BRICS New Development Bank As Alternative To The World Bank And IMF: A Better Economic Balance And Sustainable Development For African Region.” In recent decades, the BRICS have garnered a lot of attention on the international relations and economic scenes. These nations, which were previously categorised as "emerging economies," have demonstrated impressive rates of economic growth over the past few years. It is believed that they have undergone a process of structural transformations that has brought them quickly up to the level of world leading economies. This ongoing process might also cause the global economy to tilt in favour of developing nations rather than already established international regions like the G7. The BRICS group has questioned certain existing norms in terms of global governance (Viswanathan 2015: 25). This argument can be taken a step further by noting that not only has the group questioned certain existing norms but also by creating a development financial institution, the group has started to reform these norms. By creating the NDB, BRICS adopted a stance that gave its constituent nations and other emerging economies (and developing states) a voice and a way to be heard that may have been scarcely audible with organisations like the IMF and the World Bank. Therefore, it appeared that creating a financial institution to cater to the demands of the group's members as well as those of other emerging markets was the necessary but drastic next step to meet these development's financial needs. Many Africans think the Bretton Woods institutions were ineffective in addressing Africa's poverty and underdevelopment. The majority of local and non-Western researchers have favourable opinions of BRICS and its African policy, and BRICS has generally good relations with African nations. Through the lens of these mega-trends, "the phenomenon of BRICS," which is in the spotlight as the process of shifting the global economy's centre of gravity from the West, Western or "Global North" to the Orient, East or "Global South," unquestionably contributes to the challenges of the coming decades. Although the mechanisms underlying this process are intricate, their economic growth is supported by a number of factors vital to any economy, including resources, affordable labour, domestic investment, particularly foreign investment in strategic areas, and the desire to have a stronger international voice.
OKUHUNYUSHWE NGOLIMI LWESIZULU NGOKUFINGQIWE Iminotho ye-BRICS—iBrazil, iRussia, i-India, i-China neSewula Afrika—ijamele ibanga leminotho elisathuthukako. Eminyakeni engu-20 edlule, baye bazuza kukho kokubili izinzuzo kanye nezithiyo zokuhwebelana kwembulunga yonke, okuhlaba umxhwele ngamazinga okukhula asheshayo, asheshayo. Ngakho-ke kunesidingo sokufunda iBhange Lentuthuko Elisha Le-BRICS Njengenye Indlela YeBhange Lomhlaba kanye ne-IMF: Ibhalansi Engcono Yezomnotho Nentuthuko Esimeme Yesifunda Sase-Afrika.” Emashumini eminyaka amuva nje, i-BRICS ithole ukunakwa okukhulu ebudlelwaneni bamazwe ngamazwe kanye nezigcawu zezomnotho. Lezi zizwe,ebezikade zihlukaniswa “njengezomnotho osafufusa,” zikhombise izinga elincomekayo lokukhula komnotho kule minyaka embalwa edlule. Kukholakala ukuthi benze uguquko lwesakhiwo olubakhuphule ngokushesha bafinyelela ezingeni leminotho ehamba phambili emhlabeni. Le nqubo eqhubekayo ingase futhi ibangele ukuthi umnotho womhlaba utshekele uvuna amazwe asathuthuka kunezifunda zamazwe ngamazwe esezisunguliwe njenge-G7. Iqembu le-BRICS libuze imikhuba ethile ekhona mayelana nokubusa komhlaba wonke (Viswanathan 2015: 25). Le ngxabano ingathathwa igxathu eliya phambili ngokuphawula ukuthi leli qembu alizange nje libuze imikhuba ethile ekhona kodwa futhi ngokwakha isikhungo sezimali sokuthuthukisa, leli qembu seliqalile ukulungisa le migomo. Ngokusungula i-NDB, i-BRICS yamukela isimo esanikeza amazwe angaphansi kwayo kanye nezinye izifundazwe ezinomnotho osafufusa (kanye nezifundazwe ezisathuthuka) izwi kanye nendlela yokuzwakala okungenzeka ukuthiyayingazwakali kahle ezinhlanganweni ezifana ne-IMF kanye neBhange Lomhlaba.Ngakho-ke, kubonakale sengathi ukwakhiwa kwesikhungo sezezimali esizobhekana nezidingo zamalungu eqembu kanye nezabanye izimakethe ezisafufusa kwakuyisinyathelo esilandelayo esidingekayo kodwa esinzima ukuze kuhlangatshezwane nalezi zidingo zezimali zentuthuko. Abantu abaningi base-Afrika bacabanga ukuthi izikhungo zaseBretton Woods azizange zisebenze kahle ekubhekaneni nobubha kanye nokungathuthuki kwase-Afrika. Iningi labacwaningi basekhaya nabangebona abaseNtshonalanga banemibono emihle nge-BRICS kanye nenqubomgomo yayo yase-Afrika, futhi i-BRICS ngokuvamile inobudlelwane obuhle namazwe ase-Afrika. Ngala ma-lens amathrendi amakhulu, "into ye-BRICS," esesigcawini njengenqubo yokuguqula isikhungo somnotho womhlaba wonke samandla adonsela phansi sisuke eNtshonalanga, eNtshonalanga noma "eNyakatho Yomhlaba wonke" siyiswe eMpumalanga, eMpumalanga noma "Global iNingizimu," ngokungangabazeki inomthelela ezinseleleni zamashumi eminyaka ezayo. Nakuba izindlela eziyisisekelo zalolu hlelo ziyinkimbinkimbi, ukukhula komnotho wabo kusekelwa izinto ezimbalwa ezibalulekile kunoma yimuphi umnotho, okuhlanganisa izinsiza, abasebenzi abathengekayo, utshalomali lwangaphakathi, ikakhulukazi ukutshalwa kwezimali kwamanye amazwe ezindaweni ezinamasu, kanye nesifiso sokuba nezwi elinamandla emazweni ngamazwe.
OKUHUNYUSHWE NGOLIMI LWESIZULU NGOKUFINGQIWE Iminotho ye-BRICS—iBrazil, iRussia, i-India, i-China neSewula Afrika—ijamele ibanga leminotho elisathuthukako. Eminyakeni engu-20 edlule, baye bazuza kukho kokubili izinzuzo kanye nezithiyo zokuhwebelana kwembulunga yonke, okuhlaba umxhwele ngamazinga okukhula asheshayo, asheshayo. Ngakho-ke kunesidingo sokufunda iBhange Lentuthuko Elisha Le-BRICS Njengenye Indlela YeBhange Lomhlaba kanye ne-IMF: Ibhalansi Engcono Yezomnotho Nentuthuko Esimeme Yesifunda Sase-Afrika.” Emashumini eminyaka amuva nje, i-BRICS ithole ukunakwa okukhulu ebudlelwaneni bamazwe ngamazwe kanye nezigcawu zezomnotho. Lezi zizwe,ebezikade zihlukaniswa “njengezomnotho osafufusa,” zikhombise izinga elincomekayo lokukhula komnotho kule minyaka embalwa edlule. Kukholakala ukuthi benze uguquko lwesakhiwo olubakhuphule ngokushesha bafinyelela ezingeni leminotho ehamba phambili emhlabeni. Le nqubo eqhubekayo ingase futhi ibangele ukuthi umnotho womhlaba utshekele uvuna amazwe asathuthuka kunezifunda zamazwe ngamazwe esezisunguliwe njenge-G7. Iqembu le-BRICS libuze imikhuba ethile ekhona mayelana nokubusa komhlaba wonke (Viswanathan 2015: 25). Le ngxabano ingathathwa igxathu eliya phambili ngokuphawula ukuthi leli qembu alizange nje libuze imikhuba ethile ekhona kodwa futhi ngokwakha isikhungo sezimali sokuthuthukisa, leli qembu seliqalile ukulungisa le migomo. Ngokusungula i-NDB, i-BRICS yamukela isimo esanikeza amazwe angaphansi kwayo kanye nezinye izifundazwe ezinomnotho osafufusa (kanye nezifundazwe ezisathuthuka) izwi kanye nendlela yokuzwakala okungenzeka ukuthiyayingazwakali kahle ezinhlanganweni ezifana ne-IMF kanye neBhange Lomhlaba.Ngakho-ke, kubonakale sengathi ukwakhiwa kwesikhungo sezezimali esizobhekana nezidingo zamalungu eqembu kanye nezabanye izimakethe ezisafufusa kwakuyisinyathelo esilandelayo esidingekayo kodwa esinzima ukuze kuhlangatshezwane nalezi zidingo zezimali zentuthuko. Abantu abaningi base-Afrika bacabanga ukuthi izikhungo zaseBretton Woods azizange zisebenze kahle ekubhekaneni nobubha kanye nokungathuthuki kwase-Afrika. Iningi labacwaningi basekhaya nabangebona abaseNtshonalanga banemibono emihle nge-BRICS kanye nenqubomgomo yayo yase-Afrika, futhi i-BRICS ngokuvamile inobudlelwane obuhle namazwe ase-Afrika. Ngala ma-lens amathrendi amakhulu, "into ye-BRICS," esesigcawini njengenqubo yokuguqula isikhungo somnotho womhlaba wonke samandla adonsela phansi sisuke eNtshonalanga, eNtshonalanga noma "eNyakatho Yomhlaba wonke" siyiswe eMpumalanga, eMpumalanga noma "Global iNingizimu," ngokungangabazeki inomthelela ezinseleleni zamashumi eminyaka ezayo. Nakuba izindlela eziyisisekelo zalolu hlelo ziyinkimbinkimbi, ukukhula komnotho wabo kusekelwa izinto ezimbalwa ezibalulekile kunoma yimuphi umnotho, okuhlanganisa izinsiza, abasebenzi abathengekayo, utshalomali lwangaphakathi, ikakhulukazi ukutshalwa kwezimali kwamanye amazwe ezindaweni ezinamasu, kanye nesifiso sokuba nezwi elinamandla emazweni ngamazwe.
Description
A thesis submitted to the Faculty of Commerce, Administration and Law in fulfilment of the requirements for the Degree of Doctor of Public Administration in the Department of Public Administration at the University of Zululand, South Africa [2023].