World
BRICS bank to consider new memberships within six months
The BRICS New Development Bank will consider membership of new countries within six months, with the most probable new candidates being African states, its first president, India's K.V. Kamath, said on Wednesday.
 
"Currently we only have five partnering states and we’ll be working with those states. Probably within the next six months we will decide to attract other countries. The managing council will be deciding," he said, adding that the leadership of the bank has not considered attracting new members yet.
 
"I’m sure the interest will be huge," TASS news agency quoted Kamath as saying. Africa will be one of priority geographic zones for searching new members, he added.
 
The agreement on creation of the new development bank within BRICS was signed in July 2014 in Fortaleza, Brazil. The agreement stipulates financial aid to the bloc’s member states. This aid may be provided by efficiently providing liquidity to a country in need by other members of the pool.
 
Difficulties with the country’s balance of payments, which may be presented by a sharp drop in the national currency, lack of short-term liquidity and other financial problems, will serve as rationale. The pool is conventional, which means that the reserve funds of the member states are not used until a joint decision to accede to the request is made.
 
Kamath became the first president of the new BRICS Development Bank. A representative of Brazil has become the first chairman of the board of directors. Russian Finance Minister Anton Siluanov has been appointed as the chairman of the Board of Governors.
 
BRICS is an informal association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The group was founded in June 2006 at the St. Petersburg International Economic Forum and was known as BRIC prior to inclusion of South Africa in 2010. Russia is presiding over BRICS in 2015 and is chairing the BRICS Business Council until April 2016.

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COMMENTS

Meenal Mamdani

1 year ago

I hope this bank succeeds in reducing the influence of IMF which is highly partisan.

MG Warrier

1 year ago

BRICS Development Bank is a natural off-shoot of the adamant and narrow approach of world bodies like IMF towards developing countries. ‘BRICS’ can become the nucleus for a much larger organisation of developing nations to promote cooperation not only in sharing resources including finance but also for establishing a common platform for creating more awareness on social issues. Viewed in this context, the move to broad-base its membership is a welcome move.

First Suvidha train to start from Delhi on Monday

For Suvidha trains, one can book tickets across reservation counters, while the reservation period has been extended to 30 days

 

The railway ministry on Wednesday said the first Suvidha train, to replace the existing Premium trains, will start from here on Monday.
 
"The first such Suvidha train is being started from July 12 between Gorakhpur and Anand Vihar (Delhi). This train will run from July 13 to July 30," an official statement said.
 
"The booking for this train has started today (Wednesday)," the ministry said.
 
The major disadvantage of the Premium trains introduced last year was that tickets could only be bought online.
 
For Suvidha trains, one can book tickets across reservation counters, while the reservation period has been extended to 30 days.

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IMF to not bend rules over Greece debt issue
The International Monetary Fund (IMF) Managing Director Christine Lagarde said that the fund will not bend rules on debts owed by Greece but would remain fully engaged in order to help find solution.
 
"Whenever the IMF (is) involved, it's certainly my view that the IMF has to follow its rules, should not bend the rules, and should always be even-handed, there cannot be any special treatment," Lagarde spoke at the Brookings Institute on Wednesday.
 
"Our loans to countries experiencing difficulties, our loans are conditional upon various requirements, but all of them aim at restoring stability, restoring growth and debt sustainability," she said, Xinhua reported.
 
Lagarde reiterated that Greece should walk on two legs in terms of reform: one is significant reforms and fiscal consolidation, and the other is debt restructuring with sustainability.
 
She underlined that the situation of accrued crisis needs to be addressed "seriously and promptly", and the IMF would be engaged to find the most inclusive solution to help restore stability, growth and debt sustainability in Greece.
 
Since July 1, Greece has been in arrears to the IMF and needs to repay 3.5 billion Euros in loan installments to the European Central Bank by July 20. 
 
Without emergency assistance, Greece seems to head to default, largely increasing the risk of exit from the Eurozone.
 
Last week the IMF said in a staff report that financing needs for Greece could add up to more than 50 billion Euros (about $55.42 billion) over the next three years and the country is unlikely to close its financing gaps from the markets on terms consistent with debt sustainability.

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