Leaders of emerging African and Asian countries are calling for the establishment of a new development to rival the World Bank.
At the 60th commemoration of the Asian African Conference in Jakarta, Indonesia last month a number of leaders agreed that, to succeed, there is a need for a new bank, totally separate from the World Bank and the International Monetary Fund (IMF) because the two can no longer be trusted to fully fund development infrastructure projects.
Indonesian President Joko Widodo, the conference host, said those who still insisted that global economic problems could only be solved through the World Bank, International Monetary Fund and Asian Development Bank were clinging to “obsolete ideas”.
In his opening statement, Widodo said that African and Asian countries felt a global injustice because the developed world is reluctant to change the status quo:
“The view that the world economic problems can only be solved by…
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