DIFFERENT FROM THE IMF AND THE WORLD BANK

For more than five decades the International monetary fund and the world bank have been the two major international financial organisations for funding is member nations .The IMF has 188 countries as its member nations and is a US based organisation thus its mandatory to deal in dollars which puts a great burden on developing nations. The world bank being a European organisation again has monopoly over policy decisions . The G-7 nations always have the monopoly over international funds and their lending systems. The BRICS bank on the other hand has only five members but is more advantageous to its member nations or other developing nations since it gives equal rights and to all members and other developing nations with regard to lending of funds.