But Kirton, who attended the summit, believes the proposed development bank gives the BRICS countries some leverage.

“I think behind it is a grand bargain. Look—we’ve got all this money we’re going to put into a development bank. If the World Bank reforms enough on time we’ll put it there. But if not, a year from now we’re going to put it into our new own BRICS bank. In the raw politics of it, they’re basically saying, OK, South Africa—it’s your call, because a year from now South Africa is chairing the next BRICS summit,” he said.

Full-fledged member

Some have questioned South Africa’s inclusion in the group. However, Kirton said South Africa is considered a full-fledged member.

“They survived, as did their BRICS buddies, the great American turned global financial crisis without their own financial system seizing up. They’ve got a very sound financial system based on four big banks. Their financial system is quite closely connected to London. So their banking system is of international quality, top tier, whereas China’s and Russia’s is not. And then you move outwards in finances in so many other things,” he said.

BRICS leaders expressed concern at what they call the slow pace of reforms at the International Monetary Fund, the IMF. They say they want the IMF to “enhance the voice of representation of emerging markets and developing countries” by next January.