The BRICS summit in South Africa: the Democratic Republic of Congo participates in the enlargement and the creation of a common currency
The Democratic Republic of Congo will be present at the BRICS summit to be held from August 22 to 24, 2023 in South Africa. Under the leadership of Prime Minister Jean-Michel Sama Lukonde, the country is playing an active role in the discussions which will focus on two key topics: the enlargement of the organization to new members and the possible adoption of a common currency.
The BRICS, which include Brazil, Russia, India, China and South Africa, represent nearly 40% of the world’s population. Their contribution to world GDP reaches 31.6% in purchasing power parity. However, these countries only have 15% of the voting rights in the International Monetary Fund (IMF). In order to counterbalance this situation, the BRICS have created the New Development Bank with an initial capital of 250 billion dollars.
During the summit, discussions will focus on the enlargement of the group, with twenty-three official requests for membership from countries wishing to join the organization. This expansion would make it possible to strengthen the voice of the countries of the “global South” in international bodies.
Another topic discussed at the summit will be the adoption of a common currency by the BRICS. This initiative aims to break free from the hegemony of the US dollar and promote a fairer international order. By using a common currency, member countries could strengthen their economic autonomy and reduce their dependence on foreign currencies.
The participation of the Democratic Republic of Congo in these discussions demonstrates its commitment to regional and global cooperation. As one of the most populous countries in Africa and with significant natural resources, the DRC plays a key role in the continent’s economic growth and sustainable development.
In conclusion, the BRICS summit will be an opportunity for the Democratic Republic of Congo to contribute to the expansion of the organization and the search for common economic solutions