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The economic turbulence of recent years has amplified the failures of the Western financial system to address the needs of the Global South, creating room for BRICS to offer alternatives, including new currencies for global trade.
Ajay Banga, in his former senior executive roles at Mastercard, waged a decade-long "war on cash." Under his tenure, the company did more than just about any other to demonise the role of physical money around the world.
In late February 2023, U.S. President Joe Biden announced that the United States had placed the nomination of Ajay Banga to be the next head of the World
The BRICS Bank is a young institution compared to the World Bank, but it has considerable financial resources and will need to be innovative in providing assistance that does not lead to endemic debt. Whether the new BRICS Think Tank Network for Finance will be able to break with the IMF’s orthodoxy is yet to be seen.
By Vijay Prashad In late February 2023, U.S. President Joe Biden announced that the United States had placed the nomination of Ajay Banga to be the next head of the World Bank, established in 1944. There will be no other official candidates for ...