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OECD Survey highlights barriers to growth in South AfricaThe sharp drop in economic activity adds to long-standing challenges and raises the urgency of structural reforms. |
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The loan will help Brazil safeguard the income of about 5 million people in vulnerable situations.
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Short-term borrowing will increase by R98 billion to R146 billion in 2020/21.
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57 founding members, many of them prominent US allies, will sign into creation the China-led Asian Infrastructure Investment Bank on Monday, the first major global financial instrument independent from the Bretton Woods system.
Representatives of the countries will meet in Beijing on Monday to sign an agreement of the bank, the Chinese Foreign Ministry said on Thursday. All the five BRICS countries are also joining the new infrastructure investment bank.
The agreement on the $100 billion AIIB will then have to be ratified by the parliaments of the founding members, Chinese Foreign Ministry spokesman Lu Kang said at a daily press briefing in Beijing.
The AIIB is also the first major multilateral development bank in a generation that provides an avenue for China to strengthen its presence in the world’s fastest-growing region.
The US and Japan have not applied for the membership in the AIIB.