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Emerging nations plan their own World Bank, IMF

By Paul Wiseman
Published July 14, 2014 9:44pm ET
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Emerging nations plan their own World Bank, IMF
FILE - In this Sept. 5, 2013 file photo, from left, Brazil's President Dilma Rousseff gestures to then Indian Prime Minister Manmohan Singh, Russia's President Vladimir Putin, China's President Xi Jinping and South African President Jacob Zuma, as they gather for a group photo after a BRICS leaders' meeting at the G-20 Summit in St. Petersburg, Russia. In another sign of the shifting balance of power in the world economy, emerging market powers Brazil, Russia, India, China and South Africa are launching a $100 billion development bank to challenge the U.S.-dominated World Bank and help finance $4.5 trillion worth of infrastructure projects. (AP Photo/Sergei Karpukhin, Pool, File) | Sergei Karpukhin

WASHINGTON (AP) — Fed up with U.S. dominance of the global financial system, five emerging market powers this week will launch their own versions of the World Bank and the International Monetary Fund.

Brazil, Russia, India, China and South Africa —the so-called BRICS countries — are seeking “alternatives to the existing world order,” said Harold Trinkunas, director of the Latin America Initiative at the Brookings Institution.

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International Monetary Fund World Bank