Zimbabwe Professor Advocates BRICS Bank and Gold-Backed Currency
Kudzai Dominic Chiwenga, an associate professor at the University of Zimbabwe, has emphasized the benefits of the BRICS New Development Bank (NDB)
A Zimbabwean professor has highlighted the BRICS New Development Bank (NDB) as a crucial alternative to the International Monetary Fund (IMF), offering better financial terms to developing nations. He also discussed the introduction of Zimbabwe Gold (ZiG), a currency backed by mineral wealth, as part of a broader economic strategy.
An associate professor at the University of Zimbabwe has highlighted the benefits of the BRICS New Development Bank (NDB) in an interview with Russian publication RT, published on Monday. Kudzai Dominic Chiwenga, who is also the founder and chairman of the NPC Zimbabwe-Russia Youth Foundation, actively promotes international partnerships.
Speaking about the NDB, Chiwenga stated that it serves as a more supportive alternative compared to the International Monetary Fund (IMF). He explained that the NDB was established to provide a “fairer system” for both BRICS members and developing nations, enabling them to avoid the debt traps associated with IMF loans.
Highlighting the contrasting approach to financial support, he said that the IMF, known for its strict lending conditions and high-interest rates, leaves many nations, including Zimbabwe, in cycles of debt. In contrast, the NDB operates with an “open-door policy,” welcoming other countries seeking better economic solutions.
The BRICS New Development Bank is a financial institution founded in 2015 by the BRICS nations: Brazil, Russia, India, China, and South Africa. Its main objective is to mobilize resources for infrastructure and sustainable development projects in these countries and other emerging markets, aiming to complement the efforts of existing global development institutions.
The NDB is designed to offer an alternative to traditional financial bodies like the IMF and the World Bank, providing more flexible and favorable lending terms, especially for developing nations. In recent years, the bank has expanded its membership beyond the BRICS group, welcoming nations such as Bangladesh, Egypt, the United Arab Emirates (UAE), Uruguay, and Algeria.
Chiwenga also touched upon Zimbabwe's current economic initiatives, specifically the introduction of the Zimbabwe Gold (ZiG), a currency pegged to the nation's mineral wealth, as part of a broader strategy to secure the economy. He explained that this initiative is part of a wider plan to bolster the economy.
“In Africa, we are rich in minerals, and naturally, we want to tether our economy to the areas where we are strongest in,” Chiwenga said.
Chiwenga highlighted Zimbabwe's long-standing diplomatic relationship with Russia, which he said dates back to the Soviet Union's support during Zimbabwe's liberation struggle. “The Soviet Union was one of the few nations that stood by Zimbabwe during this critical time,” Chiwenga said, adding that the partnership spans various sectors, including agriculture, energy, and education.
What do you think about Zimbabwe's move to embrace the BRICS Bank as a key alternative to the IMF? Let us know in the comments section below.
The above is the detailed content of Zimbabwe Professor Advocates BRICS Bank and Gold-Backed Currency. For more information, please follow other related articles on the PHP Chinese website!

Altcoins are showing fresh signs of life following Trump's 90-day tariff pause, and three names in particular—XRP, HYPE, and ONDO—are catching investor attention.

What sounds better: winning big and then waiting days for the money to arrive, or playing at crypto casinos with instant withdrawal?

This new financial instrument would track the token's market price, with a third-party custodian holding the underlying AVAX

This guide is for informational purposes only. The token(s) discussed as potential rewards may not have launched yet or may never launch.

n Humanitarian Alliance Launches With 12 Founding Members to Harness Bitcoin's Power for Good

CINCINNATI, OH — A 73-year-old Delhi Township woman has regained more than $35,000 lost in a cryptocurrency scam, thanks to the quick action of local police and a specialized unit within the Ohio Bureau of Criminal Investigation (BCI)

Remittix, a new DeFi token, can be one of the best cryptos to put your money in this year, according to most.

After a long-running streak of breaking down from support levels, Dogecoin (DOGE) is set to reverse the trend.

Hot AI Tools

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Undress AI Tool
Undress images for free

Clothoff.io
AI clothes remover

AI Hentai Generator
Generate AI Hentai for free.

Hot Article

Hot Tools

Atom editor mac version download
The most popular open source editor

mPDF
mPDF is a PHP library that can generate PDF files from UTF-8 encoded HTML. The original author, Ian Back, wrote mPDF to output PDF files "on the fly" from his website and handle different languages. It is slower than original scripts like HTML2FPDF and produces larger files when using Unicode fonts, but supports CSS styles etc. and has a lot of enhancements. Supports almost all languages, including RTL (Arabic and Hebrew) and CJK (Chinese, Japanese and Korean). Supports nested block-level elements (such as P, DIV),

MantisBT
Mantis is an easy-to-deploy web-based defect tracking tool designed to aid in product defect tracking. It requires PHP, MySQL and a web server. Check out our demo and hosting services.

Dreamweaver Mac version
Visual web development tools

Notepad++7.3.1
Easy-to-use and free code editor