Brazilian economist quits IMF to become vice-president at BRICS bank

Economist Paulo Nogueira Batista Júnior is set to take office as vice-president of the new Development Bank, otherwise known as BRICS Bank. Currently, Batista works as executive director for Brazil and ten other countries at the IMF, where he participated in discussions on quota reforms which should bring more power to IMF's emerging countries.

According to the finance minister, Batista is expected to leave the IMF in the upcoming days and move to Shanghai, where he is to become a member of the team responsible for creating the new bank's administrative framework. The bank, expected to fund infrastructure and sustainable development projects in the group's member countries (Brazil, Russia, India, China, and South Africa), and in other developing nations.

With a startup capital of $50 billion divided in equal shares of $10 billion among the five founding countries, which are to have the same voting power, the New Development Bank will be open to every United Nation member state, but developing nations will be entitled to become borrowing partners.

As per the agreement among all Brics countries, the chair will be occupied by India, and each country appointed a vice-president.

Paulo Nogueira Batista was one of the chief representatives of the Brazilian government in drafting the institution's founding agreements, which were signed in July last year, during the 6th Brics Summit, held in Fortaleza.

Translated by Fabrício Ferreira

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