BRICS and the IMF Debt Traps. What Can the Contingent Reserve Arrangement Do for the Global South?
There are even two new BRICS members in this situation: Ethiopia and Egypt, the latter of which, as well as being a BRICS member, is also a member of the NDB, which has another member, Bangladesh, in the same situation. Ethiopia declared a default on its debt services in December 2023 (US$ 31 million) and is being pressured by the Paris Club to guarantee a US$ 3.5 billion loan with…

