BRICS Bank a Direct Challenge to IMF: Vijay Prashad

Newsclick in collaboration with the Real News Network discusses with Vijay Prashad, writer and a political commentator on economic affairs, on the Declaration of the 7th Summit of the BRICS countries held in Ufa, Russia.  On the question of BRICS bank and economic thrust, Vijay feels that it raises an institutional challenge for old colonial power like USA and UK. The ideological challenge still is not very evident according him due to the class nature of the BRICS countries.  He thinks these are attempts against the western control of the World Bank and IMF. Vijay also talks about formation of G20 during the recession of 2008 when the West Nations had to borrow surplus of countries like India and China to bail out their own banks. He also pointed out that the BRICS approach is very identical to the NAM approach which talked about that the sharing rights of resources should not remain in hands of one or two countries.