TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search results
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search resultsDeputy finance minister says BRICS development bank will be different from IMF
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
BRICS summit banners are seen on Thursday near the Modern Art Museum (MAM) where the BRICS summit 2025 is being held in Rio de Janeiro, Brazil. (AFP/Mauro Pimentel)
D
eputy Finance Minister Thomas Djiwandono has said that the BRICS-initiated multilateral development bank will not be similar to the International Monetary Fund, amid calls from BRICS nations for a change to the IMF’s European orientation.
Ahead of the bloc’s leaders’ summit in Rio de Janeiro, Brazil on Sunday, Thomas dismissed concerns among experts that the New Development Bank (NDB) would develop into a dominant institution like the IMF which could sway a country’s economic and development agenda.
“I don't see it that way, because the BRICS governance [for the NDB] is very different. BRICS always respects each country’s position,” Thomas said on the sidelines of the group’s finance ministers and central bank governors’ meetings on Saturday, as quoted from Antara.
Following Indonesia’s ascension to the group of emerging economies in January, President Prabowo Subianto stated in March that the country would join the NDB, citing the bank’s aims of financing development projects in developing countries and boosting their economies.
While finance experts acknowledged the NDB’s potential benefits, they also warned that joining it could work to Indonesia’s detriment, noting that the BRICS-founded bank’s agenda would be dominated by its founding members: Brazil, Russia, India, China and South Africa.
But Thomas emphasized that BRICS’ development bank “truly sees investment potential” in Indonesia’s national projects and that there would be “no intervention from other countries”.
“I believe this is purely a mutually beneficial cooperation,” he added.
