It is good that Russian leaders set the expectation straight. BRICS can become a better WTO than WTO some other day. But BRICS may not become a better IMF than IMF. Although IMF does have real capital paid in by member countries, I suspect IMF also creates SDR out of thin air. I smell too many of wannabe BRICS prospects really just want loans that don't need to be paid back more than anything else. Hopefully, Mr. Putin would set the tone right so BRICS will grow slowly. Adding the observership level is a good step, but formal members must be added slowly.
It is good that Russian leaders set the expectation straight. BRICS can become a better WTO than WTO some other day. But BRICS may not become a better IMF than IMF. Although IMF does have real capital paid in by member countries, I suspect IMF also creates SDR out of thin air. I smell too many of wannabe BRICS prospects really just want loans that don't need to be paid back more than anything else. Hopefully, Mr. Putin would set the tone right so BRICS will grow slowly. Adding the observership level is a good step, but formal members must be added slowly.
Nice excuse that also proves maybe, with clarity, duplicity.