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Which country has defaulted on BRICS bank (New Development Bank) agreement?
A)
India
B)
China
C)
Brazil
D)
South Africa

Correct Answer : Option (C) - Brazil


The Ministry of Economy of Brazil has announced that it had defaulted on its capital instalment to the New Development Bank (NDB).
When the bloc was started by Brazil, Russia, India, China and South Africa in 2015, Brazil agreed to contribute in capitalising the bank in 7 instalments. Now, the country has defaulted two outstanding instalments totalling USD 350 million.

Published On : January 9, 2021
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