The Ross Congress Fund has confirmed that the new development bank created by the BRICS countries could play the role of an alternative to the IMF for the countries of the group.
The Novosti news agency quoted the Ross Congress administration as saying in a report: "The decolonization of energy trade from the dollar to national currencies is one of the potential options for mutual trade between BRICS countries, and energy loans can be used through it similar to the Special Drawing Rights (SDRs) in the International Monetary Fund."
"Energy exporting countries will be able to borrow these funds to implement the projects they need, allowing them to increase trade in their national currencies despite trade imbalances, and the New Development Bank can play the role of a platform for providing these energy loans," the report said.
"The multi-currency nature of energy SDRs will increase its conversion and liquidity, and the future accession of new countries to the BRICS will increase the volume of intra-group trade," the report added.
The issue of the formal creation of a single currency will be discussed for the first time at the next forum scheduled for next August in South Africa.
The new development bank was established by the BRICS member countries, namely Brazil, Russia, India, China and South Africa, and its main purpose is to finance infrastructure projects and projects aimed at sustainable development in the member countries of the Bank, as well as in other developing countries.
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