The bloc’s members should work together to strengthen their economies, Ethiopian Ambassador Cham Ugala Uriat has told RT The ambassador of Ethiopia to Russia, Cham Ugala Uriat © RT / RT

It is vital for BRICS to create an alternative international monetary system, the Ethiopian ambassador to Russia, Cham Ugala Uriat, has told RT in an exclusive interview.

Uriat stated the bloc’s members should collaborate to enhance their economies and create a new alternative to the International Monetary Fund (IMF).

According to the envoy, the main pillars of BRICS are investment in the economy, people, culture, and security. The Shanghai-based New Development Bank (NDB), established by the BRICS states and opened for business in 2015, should be strengthened so that it can “contribute to member states of BRICS,” the ambassador argued.

Uriat expressed confidence that this would enable the NDB to serve as an alternative to the IMF and the World Bank.

The BRICS group of emerging economies, previously comprised of Brazil, Russia, India, China, and South Africa, underwent a major expansion when Iran, Ethiopia, Egypt, and the United Arab Emirates joined in January of this year.

In February, the head of the NDB, Dilma Rousseff, noted that with the addition of the new members, the group’s share in global economic output will rise from the current 35% to 40% by 2028.