Paulo Nogueira Batista: The Limits of the IMF, World Bank — and BRICS’ Flawed Alternative
Paulo Nogueira Batista Jr., former IMF executive director and founding VP of the BRICS New Development Bank (NDB), discusses why both institutions fall short in serving the Global South.
He explains how IMF reforms to boost developing countries’ representation stalled because meaningful change would increase China’s voting share — something the West resists — while the U.S. insists on keeping veto power. This, he argues, entrenches geopolitical bias, with the IMF acting as a “North Atlantic Monetary Fund.”
Paulo also critiques the NDB: voting rules that entrench founding BRICS power, weak…
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