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“…To obtain exchange reserves under the arrangement, unless countries had agreements with the IMF there was 30 percent limit on the amount of foreign currency supplied. In any case, it opened up an alternative channel to the IMF that could grow over time without a U.S. veto (Batista Jr., 2015). The BRICS's New Development Bank entered the sphere of the World Bank to offer loans for infrastructure investment that were not restricted to the geographical area of the BRICs and had the potential to weaken Washington's multilateral institutions and strengthen South-South cooperation as proposed by the diplomacy of Lula's government.…”
Section: Foreign Economic Policy Under Dilma Rousseffmentioning
confidence: 99%
“…To obtain exchange reserves under the arrangement, unless countries had agreements with the IMF there was 30 percent limit on the amount of foreign currency supplied. In any case, it opened up an alternative channel to the IMF that could grow over time without a U.S. veto (Batista Jr., 2015). The BRICS's New Development Bank entered the sphere of the World Bank to offer loans for infrastructure investment that were not restricted to the geographical area of the BRICs and had the potential to weaken Washington's multilateral institutions and strengthen South-South cooperation as proposed by the diplomacy of Lula's government.…”
Section: Foreign Economic Policy Under Dilma Rousseffmentioning
confidence: 99%