It’s Official… $100 Billion BRICS Monetary Fund Now Operational

September 8th, 2015

Awake Goy

The $100 billion BRICS Contingent Reserve Arrangement (CRA) has become
fully operational following the inaugural meetings of the BRICS CRA
Board of Governors and the Standing Committee in the Turkish capital of
Ankara. ~ Videos

“The first meetings of the governing bodies mark the start of a
full-scale operation of the BRICS Contingent Reserve Arrangement as an
international institution with activities set to enhance and strengthen
cooperation,” said a Russian Central Bank statement on Friday.

BRICS leaders Xi Jinping, Vladimir Putin, Jacob Zuma, Narendra Modi
and Dilma Rousseff witnessed the signing of the agreement on the CRA in
the Brazilian city of Fortaleza in July 2014.

The agreement entered into force on July 30, 2015.

China will provide the bulk of the funding with $41 billion, Brazil,
Russia and India with $18 billion each, and South Africa with $5
billion.

The CRA is meant to provide an alternative to International Monetary
Fund’s emergency lending. In the CRA, emergency loans of up to 30 per
cent of a member nation’s contribution will be decided by a simple
majority. Bigger loans will require the consent of all CRA members.

Meanwhile, Finance Ministers from the five BRICS countries have met
in Ankara on the sidelines of the G20 meeting of global finance
ministers and central bankers, amid growing worries about the state of
the global economy.

With a looming US federal Reserve rate hike and Chinese market
turbulence sending shock waves through emerging markets, the IMF has
lowered its global growth forecast.

A G20 communique after their two-day meeting in the Turkish capital
Ankara noted that global growth was falling short of expectations.

“Global growth falls short of our expectations. We have pledged to
take decisive action to keep the economic recovery on track and we are
confident the global economic recovery will gain speed,” the statement
said.

The G20 vowed to “carefully calibrate and clearly communicate our
actions … to minimise negative spillovers, mitigate uncertainty and
promote transparency”.

As the BRICS countries launched new financial institutions like the
$100 billion BRICS Bank, the China-led Asia Infrastructure Investment
Bank, and a $100 billion BRICS currency reserve fund, the IMF has once
again delayed voting reforms to give emerging countries greater say. ~ Source

Source

September 6, 2015 – KnowTheLies.com

Source Article from http://www.knowthelies.com/node/10743

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