The leaders of the emerging powers of Brazil, Russia, India, China and South Africa called the BRICS group, took the historic decision to create a new Development Bank which duplicates the World Bank in Washington and understood as a mini-IMF. However, the institutions could take two years to become operational, and will be based in Shanghai with initial capital of $50 billion to $100 billion. Experts say the new bank will give the group the backbone of a formal organization. It is seen as a long-awaited and helpful alternative to the Western-dominated global financial organisations. They said it is an important contribution to reorganize the system of international economic governance. Russian President Putin said, “It is a very powerful way to prevent new economic difficulties.” Brics said, “our relationship with the IMF has gone from one of debtor to creditor."

Emerging and developing nations have been frustrated at the slow pace of the IMF reform. The new BRICS bank accordingly, will help the developing nations mobilise resources for infrastructure and sustainable development projects. According to Brazil President Rousseff, the group's move is not to distance themselves from the International Monetary Fund in Washington but aim to democratise it and make it as a representative form as possible. Rousseff said, the new bank would take a different standpoint from that of the IMF towards the emerging nations, and would look on loans requests very generously.

However India Prime Minister Modi's declaration that the BRICS must act as a “united and clear voice for a peaceful, balanced and stable world,” BRICS member Russia had been excluded from the G8 group of industrialised nations because of Russia's takeover of Crimea from Ukraine. Though BRICS member Chinese President Xi said, “We need to work to improve economic governance at a global level and increase the representations and voice of developing countries,” China's movements in the Southeast Asian Seas are persistent.

Tidbits:

“We can have all sorts of simulations in the class, and indeed, we do a lot of that to accelerate the learning of our students. But at the end of the day, what better place to apply your skills and knowledge and develop all sorts of soft and hard skills than the workplace itself?” Young students starting their careers should consider “very seriously” how to turn everyday tasks in the workplace into learning opportunities. “Persevere in working towards becoming masters of your craft, not just to use your skills to create wonders but also to improve the way you do things and improve our society.” Singapore Education Minister Heng

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Condolence to the family of the late Boy “BG” Guingguing.