ABII seen as alternative to World Bank, IMF

By Vladimir V. Sytin
The Ukrainian Times

Recently, the Asian Bank for Infrastructure of Investments (ABII) has opened in Beijing. It is seen by many analysts as a viable alternative to the World Bank and the faulty IMF (or International Monetary Fiasco, as the joke has it).

Good news is that 57 countries participated in its establishment and capitalization amounting to $100 billion. Among the largest shareholders of the ABII are China, India, Russia and Germany.

As expected, the bank will improve the possibilities for developing the infrastructure and contribute to economic integration of the countries.

Importantly, China is ready to allocate $50 million for the establishment of a special fund in order to help less developed countries implement infrastructure projects.

Incidentally, observers maintain that if the IMF allows the Ukrainian neo-Nazi regime to abrogate its commitment on its Russian bond payment in the amount of $3 billion, the consequences could be drastic. As economist Michael Hudson notes, it will then become clear that “the IMF no longer applies international law to Russia” giving Russia and other BRICS countries “little reason to remain in the IMF and the World Bank”.