Russia to create $100bn competitor to the IMF

Russian President Vladimir Putin ratified a document to establish a reserve fund for the BRICS countries. The new reserve fund is to hold $100 billion. The BRICS countries are the dynamically developing economies of Russia, China, Brazil, India, and South Africa, Pravda.Ru reports. 

Also read: New BRICS bank to change world's financial system

Russia is said to contribute $18 billion to the reserve fund. China promised to invest $41 billion. The agreement to build the fund was signed in July in Brazil. 

In addition, the BRICS countries plan to build their own international bank to challenge western dominance over international money markets. The bank will be based in Shanghai.

Pravda.Ru 

Read article in Russian on the Russian page of Pravda.Ru

Source: EntryNews.com