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“The establishment of the BRICS New Development Bank, an emergency reserve fund, and the AIIB will break the monopoly position of the International Money Fund (IMF) and the World Bank (WB),” said the article written by Liu Zengyi, research fellow of Shanghai Institutes for International Studies.

“It will motivate the IMF and the WB to function more normatively, democratically, and efficiently, in order to promote the reform of international financial system as well as democratisation of international relations, it said.” (Press Report).

We ope that the BRICS and AIIB is able to break the monopoly of IMF and World bank as stated in the above report.