Brics Summit Versus IMF-World Bank Meetings: A New Global Divide in Economic and Political Power

Macroscope | BRICS Summit Compared to IMF-World Bank Gatherings: The Worldwide Split is Evident

It's a misconception for the West and its organizations to believe that disregarding the demands of the Global South and maintaining the current state of affairs will be effective.

Coincidentally or intentionally, the upcoming week presents a significant convergence of activities in the United States and Russia. The capital of the US, Washington, is set to hold the yearly gatherings of the World Bank and the International Monetary Fund (IMF), an event likely to be accompanied by the serving of wine and canapés. Simultaneously, in the Russian city of Kazan, a Brics summit is scheduled, with the anticipation of around two dozen heads of state and government attending, possibly enjoying vodka and caviar.

The organizations of Bretton Woods boast close to 200 national affiliates, which makes the presence of 24 national heads at the Brics summit seem less significant. Nonetheless, it's the growing economic and political influence, not the quantity of participants, that truly matters.

The roster of attendees in Kazan is noteworthy for this context. It encompasses heads of the alliance's founding countries: Russia's President Vladimir Putin, China's President Xi Jinping, Brazil's President Luiz Inacio Lula da Silva, India's Prime Minister Narendra Modi, and South Africa's President Cyril Ramaphosa.

The heads of state from Egypt, Ethiopia, Iran, and the United Arab Emirates, the latter having become a member of the bloc this year, are anticipated to participate. Saudi Arabia, which received an invitation to join Brics, will probably be represented at the summit. The meeting is also anticipated to include the attendance of the Shanghai Cooperation Organisation's secretary general, the president of the New Development Bank, and high-ranking officials from other international organizations.

The Russian embassy in Bangladesh shared a guest list on Facebook that featured leaders from Turkey, Malaysia, Mongolia, Armenia, and other nations across Asia and Central Europe. While these countries are not presently part of the Brics community, many have shown an inclination towards joining this assembly of nations that aren't affiliated with any American or European-led alliances.