Back to Projects JOIN WHATSAPP GROUP Free PSC MCQ 4 Lakhs+ Please Write a Review Current Affairs 2018 to 2022 PYQ 1200 Q/A Part - 1 PYQ 1200 Q/A Part - 2 PYQ 1200 Q/A Part - 3 PYQ 1200 Q/A Part - 4 PYQ 1200 Q/A Part - 5
Kerala PSC Indian Economy Book Study Materials Page 450Book's First Page
16.12 ndian onom (b) Their disenchantment with the Bretton The BRICS-sponsored development bank Woods institutions has been growing is not an isolated and unique initiative. Similar over the years. initiatives had sprung up in the past to blunt the Two statements of the Fortaleza Declaration might of Bretton-Woods twin. Development Bank make the situation more clear— of Latin America (created by Andean nations) in the (i) “We are confronted with persistent 1960s, the Chiang Mai Initiative in early 2000s (of political instability and conflict in various 10 ASEAN nations plus China, South Korea and global hotspots and non-conventional Japan) to establish a network of bilateral currency emerging threats. On the other hand, swap pacts in the wake of Asian currency crisis, and international governance structures the establishment of the Bank of South by Latin designed within a different power American countries in 2009 were the result of configuration show increasingly evident escalating dissatisfaction with the US-dominated signs of losing legitimacy and effectiveness, IMF and World Bank. as transitional and ad hoc arrangements become increasingly prevalent, often at aSIan InFraStruCture InveStMent the expense of multilateralism.” Bank (ii) “We believe the BRICS are an important The AIIB (Asian Infrastructure Investment Bank) force for incremental change and reform was first proposed by the Chinese President Xi of current institutions towards more Jinping in October 2013. A year later, at its official representative and equitable governance, launch in Beijing, 21 Asian nations, including capable of generating more inclusive China, had signed up to be the foundation global growth and fostering a stable, members. Currently another 21 nations— peaceful and prosperous world.” including Australia, the United Kingdom, New The BRICS bank development comes at a time Zealand, Germany and France—have expressed when reforms at the Bretton Woods institutions a desire to join as well. An interesting applicant fail to fructify for one reason or the other and with is Taiwan—which signed up just before the the US and European nations still not reconciled April 1, 2015 deadline—although issues around to concede BRICS nations a greater voice in its membership name may complicate the deal. the governance structure of the Bretton-Woods Russia also left it to the last minute to fire in its institutions. application. Chinese media reported that only 30 Whether the BRICS-sponsored NDB will of the 42 member applications have been accepted. be a fitting alternative to the Bretton Woods twin The Chinese foreign ministry has said that the full depends on a host of factors. Major ones of these list of countries approved as founding members factors, among others, are its ability— would be released by mid-April 2015. (i) to put in place a conflict resolution The AIIB is aimed at providing finance to mechanism, infrastructure projects in the Asia region, as a (ii) to devise a robust credit appraisal multilateral instituion. It is planned to operate mechanism, and broadly in the same manner as existing multilateral (iii) to put in place an effective supervisory development banks (MDBs) such as the World regime. Bank and the Asian Development Bank (ADB).