BRICs’ Philosophies for Development Financing and Their Implications for LICs

25 Pages Posted: 25 Mar 2012

See all articles by Nkunde Mwase

Nkunde Mwase

International Monetary Fund (IMF)

Yongzheng Yang

International Monetary Fund (IMF) - African Department

Date Written: March 2012

Abstract

Flows of development financing from the BRICs (Brazil, Russia, India, and China) to low income countries (LICs) have surged in recent years. Unlike aid from traditional donors, BRICs (excluding Russia) view their financing as primarily based on the principles of South-South cooperation, focusing on mutual benefits without attachment of policy conditionality. This paper provides an overview of the philosophies and modalities of BRIC financing and examines their implications for LIC economies and future LIC-BRIC engagement.

Keywords: Conditionality, Development assistance, Low-income developing countries

Suggested Citation

Mwase, Nkunde and Yang, Yongzheng, BRICs’ Philosophies for Development Financing and Their Implications for LICs (March 2012). IMF Working Paper No. 12/74. Available at SSRN: https://ssrn.com/abstract=2028250

Nkunde Mwase

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Yongzheng Yang (Contact Author)

International Monetary Fund (IMF) - African Department ( email )

1700 19th Street, NW
Washington, DC 20431
United States
202-623-4339 (Phone)
202-623-4237 (Fax)

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