Don't see the point of it personally. As Asian countries develop they will be less and less dependent on the World Bank and the IMF. Currently most of the IMF money goes to saving basket case countries like Pakistan, Argentina, Egypt and Sri Lanka. You don't want that as a responsibility anyway. The most you'll see is ADB expanding into Africa which is of questionable benefit given most of them have a record of corruption, low or unstable growth and debt defaults.
It seems like BRICS is trying to be different things countries at different points in development. Looking at Malaysia's GDP per capita, it's in line with the founding members of BRICS and IMF style services seem less likely to be particularly useful, to your point. For countries further along in their growth, the club seems to provide more of an association of other countries at a similar level of development with whom they can build relationships and seek out areas of cooperation. Essentially a chamber of commerce for middle income countries.
OK? ADB already does that basically since they do development finance to extend the Asian manufacturing cluster. Honestly it'll probably just another virtue signalling association.
Don't see the point of it personally. As Asian countries develop they will be less and less dependent on the World Bank and the IMF. Currently most of the IMF money goes to saving basket case countries like Pakistan, Argentina, Egypt and Sri Lanka. You don't want that as a responsibility anyway. The most you'll see is ADB expanding into Africa which is of questionable benefit given most of them have a record of corruption, low or unstable growth and debt defaults.
It seems like BRICS is trying to be different things countries at different points in development. Looking at Malaysia's GDP per capita, it's in line with the founding members of BRICS and IMF style services seem less likely to be particularly useful, to your point. For countries further along in their growth, the club seems to provide more of an association of other countries at a similar level of development with whom they can build relationships and seek out areas of cooperation. Essentially a chamber of commerce for middle income countries.
OK? ADB already does that basically since they do development finance to extend the Asian manufacturing cluster. Honestly it'll probably just another virtue signalling association.