• Global Affairs - articles

BRICS+ Countries and the challenges of developing global institutions

The BRICS+ bloc (Brazil, Russia, India, China, South Africa, and allies) aspires to create global institutions that challenge Western-dominated organizations like the IMF and World Bank and promote a multipolar world. However, this ambition faces obstacles due to differing political and economic agendas, governance and coordination issues, fiscal constraints for new financial institutions, challenges in developing a dollar alternative, geopolitical pressures, and the need for institutional legitimacy. While progress has been made, notably with the New Development Bank, the bloc must navigate these complexities to reshape global governance effectively.