Are the BRICS nations poised to weaken the dominance of the IMF and World Bank? The answer, according to recent developments, is a resounding yes. The development showed that the bloc was primed to challenge the dominance of the West. Specifically, taking aim at the G7 nations of the US, Canada, France, and others, BRICS is actively building an alternative financial order.

The BRICS (Brazil, Russia, India, China and South Africa) have created the BRICS Bank as an alternative to the traditional dominance of the IMF/World Bank. This paper pinpoints the role of this new institution in reshaping global finance. The New Development Bank (NDB), often referred to as the BRICS Bank, aims to provide funding for infrastructure and sustainable development projects within BRICS nations and other emerging economies, offering a counterweight to the often-criticized conditionalities of IMF and World Bank loans.

Furthermore, recent financial reports suggest that BRICS is already the world’s largest gross domestic product (GDP) bloc in the world, as it currently contributes 31.5% to the global economy. This economic strength gives BRICS significant leverage in international negotiations and strengthens its ability to challenge the established financial order. The increasing focus on trade in local currencies further reduces reliance on the US dollar and euro, further eroding the influence of Western-dominated financial institutions.

The long-term impact of BRICS' efforts to challenge the IMF and World Bank remains to be seen, but the bloc's growing economic power, coupled with its establishment of alternative financial institutions, signals a clear shift in the global financial landscape. Will BRICS succeed in significantly weakening the dominance of the IMF and World Bank? The evidence suggests that they are well on their way.