Economics Report - The BRICS Summit

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BRICS	Bank's	China	Ernst	For	From	International	South
Special	a	and	bank	before	bigger	donate
education	for	group	in	loans	over	owned	seat	strong	the

VOA Learning English, this is the Economics Report in English. Five nations held the fifth BRICS Summit at end of March in Durban, South Africa. The five nations are Brazil, Russia, India, China and South Africa. years, these nations have said they do not have strong voice in world events. All five countries have economies. But none has been asked to lead the Monetary Fund or the World Bank. India, Brazil and Africa have all campaigned, without success, for a permanent on the United Nations Security Council. Anil Sooklal is Africa's ambassador to the BRICS group. He says the can overcome historical imbalances by giving each nation power a proposed development bank. The bank would be collectively by all the BRICS countries. Emilio Pera is with and Young business advisory services. He says a development is a good idea for financing public works projects strengthening cooperation between the BRICS nations. A report from Africa's Standard Bank says each nation is expected to $10 billion for the bank. China's economy alone is than that of the four other countries combined. For , $10 billion is not a lot of money. But South Africa, it represents almost half of the country's budget. At the IMF and the World Bank, members money based on the size of their economy. Standard Simon Freemantle says it could be a long time the bank is launched. He thinks the bank has long process through which it still has to travel order to reach the point where it can extend . For VOA Learning English, I'm Carolyn Presutti. (Adapted from radio program broadcast 22Mar2013)

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