the, the, the south africa supports the expansion of the membership of briggs very or briggs extends beyond the interest of his current members. south africa endorses new members in the course community with just one day to go ahead of the much anticipated summit in the country. final preparations are underway for the break summit in south africa with a former i. m. s. executive director saying country seek economic multiplan. larry, as confidence in the us dollar did us, has been using the dollars as a weapon to target countries seen as hostile, hostile to the west has reduced very much the concert,

the confidence in the us dollars. and then baldwin's are preparing to cast their ballots in the presidential election. we did come in head of state and opposition leader expected to face off. we when change is to the 3 media. i'm glad to get in the morning for moscow. this is our t international with the latest and world news today. i'm here a is about 3 to have you join us. the south african leader has backed an expansion of the brakes community in a national address just one day ahead of a much expected summit of the block in his country. a smaller than 20 countries from around the world have formerly applied to join bricks and several others. have

expressed an interest in becoming part of the big family. so that's it goes up towards the expansion of the membership of breaks. the value of briggs extends beyond the interest of his current members. so let me see what's the process of any of following his foreign policy chops going on to our line. why some of the guys taking the funds have, particularly when it comes to the country, the clean wise, all subsequent views, the freaks moving as a very important the club n, a hello, an instrument for the few jobs, how the world. but also how a freak as a whole fits into the big picture. the prison went onto highlights the fact that g, g, p, the chaise president, will be on these for the 1st year. and they are expecting to announce major videos that will be signed with the country's biggest tree. but of course,

the title is the biggest trade in hub, not on the placement as a whole and having to search the heads of states from africa, attending the summit. p provides ample opportunity for everyone to get their bearings in check and to know where exactly and how nation one is the power of the africa. also the continental trade deal. he spoke about the silence of the guns on the continent and the efforts, the south africa, pagan, with regards to that i was confused because of the peace efforts and silencing of the guns in one of the lease, as well as in the d. c. but ultimately come tuesday, the country will be expecting a sight more deals with india, with russia, as well as with brazil. and this could only be that some of the eyes that considering succeed, that's off the goal, really enjoys with the rest of the content. and on the back of the africa,

free trade agreements, and that will be an important node to harness the future. it's eating feeding efforts from the south africa as well as from the rest of the country. kind of other types of fuzzy drives that the final preparations are underway in johannesburg. the head of the brick summit that kicks off on tuesday. that's as more country seek multi polarity not only in the political but also in the economic spirit. placing hopes in the new development bank used as an alternative to the dollar dominated i. m s. r t corresponded shaped boats explains how's the global map shift inexorably towards a more multi polar world? more more people are asking whether it is a fair, more equitable way to do business. one of the challenges the world bank and us dollars dominance on it's routine deployment as

a tool of political control. a system that works in local currencies for the benefit of citizens, rather then for the vast profit driven corporations. well, the new development bank established by brazil, russia, india, china, and south africa aims to do just that. and it looks like they mean business to new development bank is seeking to increase his presence in the local capital markets of its member countries to fund its robust portfolio of local currency loans. the proceeds will be used to fund infrastructure and sustainable development projects in south africa and the successful outcomes such as the benchmark for future issuances by the new development bank. of course, the dollar has become synonymous with the brutal deployment of sanctions against the population of any country, not playing ball with american foreign policy. and when you basically control the country's economy, you can easily extent control over their political processes. but it seems the

bricks, countries are tired of playing master and serve it with the u. s. and crucially, they realize that it's the dominance of the us dollar that's holding them back. the bricks, nations are looking to ensure that we do not become victims to sanctions, that have secondary effects on countries that have no involvement in issues that have led to those unilateral sanctions on surprising a device economy. cultural assault on russia in the wake of its military operation and ukraine hasn't gone unnoticed by the members of the brakes alliance. it's so obvious that the legal seizure of russia's foreign reserves was supposed to collapse the russian economy and bring it to you. but while the tactic has failed to clarify so vital it is the intellectual economy from the on the influence of a dominant foreign currency, which can be rapidly deployed against you. as a devastating weapon. of course, of control. the bricks, new development bank needs to boost its fundraising and lending and local

currencies. given the impact of sanctions against one of the groups shareholders, russia. so as the always the world fixed on south africa, there's a sense that it's time to seize the initiative and offer a genuine alternative to the depth base dominance of the us dollar. and as the time of divide and conquer draws to a close, the ear of unite and prosper seems to be drawing closer than ever before. breaks financial cooperation is among the key issues on the agenda at the summit. are 2 spoke to a former i m f, executive director who told us brits should create an alternative system to the existing dollar based institutions that serve western political interest to the roots. bankruptcy should be known as the new development bank is a multi natural development financial institution established by the brits countries. in 2014, the bank was created to mobilize resources with infrastructure and sustainable development projects in the brits countries and other imaging economies that the

15th bridge summits upon us and the growing interest from many other countries to form part of the freaks class nations. many will be looking to benefit from such an institution and of course the conversation around the dollarization is on the agenda to give us inputs on this discussion is messed up. put a new gear at the just a junior. it was an economist and the executive director at the i'm if from 2007 to 2015. so thank you so much for joining us. it's a pleasure. thank you. now, as i said from 2007 to 2015, you were an executive director at the international money to funds. often that you've played a key role as vice president of the new development bank and shanghai. what do you think this career path has created for you and how have these position shaped your view of international? well, i already was very interested in the topics since i began working as economist, i didn't have practical experience of international monetary issues. and in the

math as well as in the big spank. i learned a lot. i learned a lot about countries, all 5 countries. i learned a lot about the international monetary system based on the us dollar. i learned about the internal workings of the i m f. so today i feel much more confident in writing and speaking about these topics than i used to be before i went to washington and trying guy. so to what extent do you agree that the i'm, if could be falling behind with more and more countries looking to join bricks. and of course, the thing you find in single tentative being offered by bricks. while the m. f will remain a very important institution. but it is true that there's going dissatisfaction among the developing countries as long as the emerging market countries with the way the m. f works with the way it is dominated by the advanced countries. and does not always respond to the needs of countries in the global south. so the creation of the big bank as well as the monetary fund of the brakes,

the contingent reserve arrangement with a response by the bricks. to this dissatisfaction, we remain in the m f and we remain in the world bank participating. but we decided to create our own avenues, the development, because the world is becoming increasingly multiple or, and the washington institutions did not respond to that. and the international monetary system based on the dollar is becoming increasingly dysfunctional. so the briggs have also looked at possibly creating their own currency to, to make the international monitor system more responsive to the needs of, of our countries. and what makes the n t be different from the world bank? well, there are several things, but 1st of all, the end to be was created by and for emerging mark and developing countries and developing countries with no participation of advanced countries, at least to this 1st phase of the back. and the bank was created. we had the

deliberate intention to have the bank act and the non intrusive manner support the plans infrastructure, sustainable development in the countries without trying to guide them without trying to you know, over whelmed them with the rules that are not necessarily the ones that they see fit for their own developing needs. so it's a more, it's a more global soft oriented thing. and the world bank and ever be with bank is dominated by the advanced countries. whereas the bank we created is a bank of which is controlled by the bricks. and which seeks to have other countries joining the bank, some have joined already and others will join, i hope, in the near future. so what are the prospects of the new breaks development bank? could we possibly see it's replacing the world bank in the near future? no, i don't think so little bank will remain a very important bank in dc in washington dc. the bricks bank will work alongside

the existing developing, developing banks. and by the way, it's a long road for the bank to become a truly global institution efficient. it's only starting and has made face many obstacles. so we have a long way to go before the big bank becomes a truly global efficient institution. so once you take on the rise ation, could you predict the time with nations with possibly just one to trade amongst themselves in their own currency instead of the dollar. again, the dollar will remain a very important currency, but the fact that the u. s. has been using the dollar as a weapon to target countries seen as hostile, hostile to the west has reduced very much the con, the confidence in the us dollar. and the confidence is essential for currency to function. so the multiple world would lead to

a reduction in the role of the dollar. the says accelerated with the use of the dollar for political purposes for ju, political purpose, notably now against the russian. so i expect fully that the, the breaks countries will look serious scale, hope that they will look seriously into creating a new currency. it's not easy. it takes a lot of work, but it will be as important step in the direction of making the international monetary system more diverse and more responsive to the needs of countries. and speaking of those alternatives, could you tell us more about the n d p, the n d b in bravo. the differences between that as well as the chinese created asian investment banks. what are the prospects of the developments of that asian bank, or the asian investment is protect infrastructure bank? the a, b is dominated by china with a new development bank is shared by 5 countries in is controlling a role. now the

a, i, b must be set, has been much more effective so far than our bank to be ste. yeah, that's because it's, it is been a truly, it has truly become a global bank. it has many members for many different regions of the world with the new develop, a bank is struggling still to attract countries. we've only done this so far with the 2 countries and 2 more on the way to becoming full members. so we've been very slow in, in becoming a truly global bank, and the v as in a much better job in that respect. to what extent do you agree that the new bricks currency is necessary for today's multi point of world? how possible is it that the upcoming brooks summit could possibly see us now having a new currency that would be coming out of the summit? well, i hope that the lead is, let's see what will happen in a few days. i hope that the leaders of the bricks meeting here in south africa will agree to get some sort of signal to start the discussion. asking for example,

the finance minister has to look into the issue, asking them to perhaps create a group of experts to examine the issue and in full and report back to them. and in the next summit, which will be in russia next year. and by the next summit, the issue may have been advanced conceptually, and the brakes lead as might be ready to, you know, give a, a decision of creating or formerly initiating a discussion. again, it's a slow, slow process, very complex. so new topic for us because we have no experience in that area. we need to accumulate experience, but i'm sure we will be able to do so. and the reason for doing this is that the dollar can no longer be trusted to be put to put a quite stock when the us does what it does, take advantage of its role as the sure the dominant currency, other countries are,

you know, and certain as to whether they can continue using the dollar as they have been using. so i believe that the, the brakes have a role to play. and, you know, the russians have, by the way, hit upon a very interesting curiosity. the noticed that the 5 currencies of the books countries all begin with the letter are slowly proposed that the new currency be called the r 5. and that's a good, good, uh, i insight that the russians have had. and i believe that the, our 5 can can be started and he started as a unit of account and then subsequently evolved into other steps. what do you see as the future of breaks as a co operative entity? was it breaks and then a lot of work together. they could have done more in my opinion, but they have created a new development bank. they have created the monetary fund. they meet regularly at the latest level of the administrative level. and if they do take this step of

creating a new currency, they will make a major change in the international scene. so i believe the bricks they need to work more. we need to work more, more seriously for an on, on many topics. but we can do it, we can do it. we are still developing countries, which gives us a need to learn. we need, we need to be modest about our possibilities, but we can do it. i think we can do it. and however, if the rich countries expand, the bits goop expands too quickly taking on too many countries. this will hamper our possibilities of acting in an effective manner. some not sympathetic to the idea that the bricks grouping should expand very rapidly, increase large and rapidly in size. the bricks bank should expand as quickly as possible, but the groups, groupings of political formation should expand if at all, very carefully so that the rooms the group remains cohesive and effective to act,

including, for example, in creating a new kinds. so could that be an option for the political group, not to expense so much, but robbie expand on the bank and the economic and yes, i would think my opinion that would be the better option not to expand and to expand the bank to expand the political formation, but to expand the the n d b with the big spec. however, my understanding is that the decision to expand the, the books formation it has been already taken. and then this summit in south africa, they will work out the process. so i hope that the bits lead meeting here in south africa. they will, it will be very careful in establishing the criteria and the process where by the political formation will increase. which countries do you believe will see um, dominate, drop a lot of global growth in 2024? well, i believe that china and india had been dominating global growth and will continue

to do so. in the foreseeable future. of course, china and india will have their a moment says greater difficulty, but looking at the longer term, you see that these 2 countries in asia, especially east asia and even south asia as well. i think they will be the dominant fulls of growth. other emerging markets, we also growth africa has been doing a good job. south america, latin america, not so good, but we hope we can recover on the whole. i think the global south will be in increasing, increasingly larger share of the world economy as has happened in recent decades. so we will have a responsibility to be more effective in this new multiple were world where we will have a great a share of you cannot make activity. well, mr. but just to thank you so much for your time today and for your insights. we really do appreciate it was a pleasure for me to thank you. they'll be plenty more interviews in the coming days here on our

t as we bring you all the latest from the 15th annual break summit in south africa . don't miss our special coverage of the global event directly from the venue itself on our t international. you can watch our exclusive interview with you, garden high commissioner to south africa. paul, i'm more right after than use our the them always preparing to hold. it's fresh 1st presidential election since 2018 on wednesday, against a backdrop of record high inflation and other pressing issues. a thorough 11 candidates officially approved by the electoral commission. yet the main road off is expected to happen between 2 contenders incumbent president. emerson, my non guy was, leads the value party and came to power in 2017. that says, the former head of state resigned following political attentions involving the

military who back the current president. the other candidate is the opposition leader nelson. to me, stuff from the citizens coalition for change. he came 2nd in the previous presidential elections getting 44 percent of the vote. local journalists, keith baptist explains we when change is so as you do, yes, i believe you see as somebody that just genius then the nothing to do that just the sitting you my bridges. so we went says is for you and i see we need you. i'm glad that you visit to face mind was to cut in one fluid face of the staging up. so we need to on we're getting can see the feelings noise as the upcoming elections approach. you do not? god was a aiming for a 2nd to pulling is victory over nelson seventies. in 2018 all over the country

continues to grapple with pressing issues, such as a week's economy, escalating prices and the world's highest inflation rates. the present places the blame on the kind of the state of the country on functions that have been imposed again as in bob way. we're in the us. 0, one don't the worst in that place. and of course, news service, i'm sure this is the floating police despite the impulse functions press, then when on got a sets that zimbabwe has experience significant economic growth over the past 3 years. but the,

the, the good news, but the laws, the incoming president odd, subdued some. bob was problems to western influences nelson and tell me some of the people see argues that only these project was this has the capability to move the function and propel the economy towards becoming a producer. that's the vision. let's review the industries why was known as in to see up to a city that is small because of a shift where all this fits as it was, almost like the top of the entire region. according to human rights groups. the kinds of political violence is allow me to reach the goal and the opposition

support that was killed in the capital highlighted the police. however, investigating what happened and several people are in custody. however, there has been multiple positive improvement in electoral and political environments compared to previous elections. which way madge by significant unrest and violence. what have you up and paid to do, and what you have been doing is to react into this point in the report that is given, that can speak to election related violence. no one has been banned in terms of our maintenance of peace in for the ect. every convene, i must inform the vic lit, which is a police or where they went to the have the value of the meetings. this is done for the purposes of ensuring that these law, in order in this piece, in the country of this year's election, stands out as

a closely contested one. both the presidential candidates recognize the importance of engaging the nation's use to both the supports as the come down to the post continues. votes of the hoping for a peaceful and intimidation free voting process. however, to secure the presidency, one of the 2 rivals must have gone up more than 3 1000000 votes. both ways. both candidates are making promises of beds and bob races, but ultimately it is the photos who will have the final say. keith baptist for r t in hot audi zimbabwe. that's a rep for the hour, but for the latest breaking news, head over to r t dot com and up next and exclusive interview with the ugandan high commissioner to south africa state to the see the likely to be joining sliding against our invested to south africa for many

things that you would need to do really appreciate your time. so let's get started with brick systems, be an extremely busy few days here in south africa, big society taking space. of course you got that is one of the states that has applied to joint brakes. do you expect it to get another shift? and one of the reasons that you guys already want this? well, 1st of all, i want to welcome you to the official residents of the day commission in victoria. and thank you so much for having me on these show. and we look forward to, i'm offer to engagements over on the question with you. yes. as the 1st i want to say about that one of africa is a bigger to proceed outcomes. one of the engagements that the dialogues that will happen here in the next few days and

this is coming right up the i did drop off there recently held a russia africa business for him and human teddy. i'm a mentor in florida. so we, we believe that looking at the theme, which is focusing on africa, accelerating growth, valued by an issue. and finding a place within the multilateral institutions. we believe as a country and the one that for long you've done the africa, has not had truly a voice space where there's value,

they share the values. there's mutual respect and commitments to development and growth for each other. so we mean the brakes space we, we see that this is achievable. and so for that reason we actively participating and, and, and, and last month our president was in st. petersburg for the, for him to be the for him. and so was considering that the south african membership as prioritize the been gauge minutes with the rest of africa. so having they ask a dialogue and the big splash engagement has really been as a lot of hope. and so you've done this shortly,

already easy receiving a lot of attention, a lot of support within the brakes membership, but you're going to as a roar, he's not going to be limited to our interests only as you. then we are looking at africa. the bottom of that kind of identity because when we speak as went on to it and identify with but in those and friends aligned to the interests that to prepare the growth and success, then we can then succeed within that context and africa, or the good to global self will succeed. you don't have to do some trade with indeed that the great sweetness grow installs to produce trade with these traditional policies. this illustrates the same level of independence from the traditional western powers to the new york state. yeah. one thing that i should

know is that the quid for all these years as not to be an individual pick up and as low to being genuine commitment in helping us with that to develop and add value to, to, to, to its products. so i think that as being largely sending out raw materials and, and, and, and so getting less value for, for our products, for our resources, for our meters. and, and, and because of that we have really struggled to, to, to grow economies. that'll get into what's called a middle east coast, pardon me. so i'm actually filled with.