Brazil Current Affairs - 2019

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G-4 countries issue Joint Statement on UNSC Reforms

G-4 countries viz Brazil, Germany, India and Japan have issued a Joint Statement on United Nations Security Council Reforms (UNSC).

It was issued after G-4 meeting held in New York,US which was called by Indian Prime Minister Narendra Modi and was Brazilian President Dilma Rousseff, Chancellor of Germany Angela Merkel and Prime Minister of Japan Shinzo Abe.

G-4 leaders in meeting

  • Stressed on more legitimate, representative and effective UNSC reforms to address the global conflicts and crises which have spiralled in recent years.
  • Shared the view that global conflicts and crises of the international community in the 21st century which can be solved by more Member States representing UNSC.
  • Unanimously supported the early reforms of the Security Council as an essential element of the overall effort to reform UN with regard to maintenance of international peace and security.
  • Strongly emphasized that the reform of the Security Council should be conducted in a fixed time frame given its urgency.
  • Welcomed the adoption text-based negotiations by UN General Assembly presented by the President of the 69th assembly.
  • Appreciated the efforts of Member States of the African Group, CARICOM and the L.69 Group in moving towards text-based negotiations.
  • Supported Africa’s representation in both the permanent and non-permanent membership in the Security Council.

BRICS bank starts its operations from Shanghai, China

The New Development Bank (NDB) created by Brazil, Russia, India, China and South Africa (BRICS) nations formally started its operations from its headquarters in Shanghai, China.

Chinese Finance Minister Lou Jiwei, Shanghai Mayor Yang Xiong and the bank’s first President K V Kamath from India attended the opening ceremony.

About New Development Bank (NDB)

Agreement for establishing NDB was signed during the 6th BRICS Summit being held in Fortaleza, Brazil in April, 2014. It was formally launched at the 7th BRICS summit held in Ufa, Russia in July 2015.

Purpose: To fund infrastructure projects in the emerging economies. It is seen as an alternative institute to west dominated World Bank and the International Monetary Fund (IMF).

Capital: It will have initial capital of US 50 billion dollars and will be raised to US 100 billion dollars within the next couple of years.

Each members role:  They will have an equal say in the bank’s management, regardless of GDP size and contribute an equal share in establishing a startup capital.

President: Eminent banker Kundapur Vaman Kamath from India is President of Bank for the first five years i.e. till 2020.