UNITED States President Joe Biden is set to advocate for reforms within the World Bank and International Monetary Fund (IMF) during the upcoming G20 Summit in New Delhi, signaling an intent to reshape global finance.
This move coincides with the annual BRICS Summit in Johannesburg, where emerging economies are discussing strategies to counter the dominance of Western-led financial frameworks.
The White House has outlined Biden’s focus on modernizing multilateral development banks, including the World Bank and the IMF, aiming to provide effective and transparent solutions to challenges faced by developing countries.
National Security Adviser Jake Sullivan has announced Washington’s plans to propose measures at the G20 Summit that would bolster the lending capacity of the World Bank and IMF by around $200 billion.
The BRICS nations—Brazil, Russia, India, China, and South Africa— account for a quarter of the global economy. Meanwhile, around 40 countries expressed that they want to join the bloc.
Despite their economic clout, Sullivan stresses that the US does not perceive the BRICS group as a rising geopolitical rival and that their support for the World Bank and the IMF is not against China.
He also described BRICS as a diverse collection of countries with distinct economic interests.
“We are not looking at the BRICS as evolving into some kind of geopolitical rival to the United States or anyone else. This is a very diverse collection of countries,” according to Jake Sullivan, U.S. National Security Adviser