‘We don't want Western institutions to dictate us what to do’ – South Africa’s Zuma to RT

With the current world bank system having been established a while ago, time has come for new financial institutions to be developed globally, South Africa's President Zuma told RT. BRICS and its New Development Bank is one of such alternatives, he said.

"We’ve had these old banks that have been established many years back. The world has moved, it has developed. For a number of years we've been calling for the transformation of financial institutions, globally," President Jacob Zuma said in an interview with RT's Sophie Shevarnadze.

"An important development of representativity" is crucial for the new kind of banks, Zuma added, saying that in such institutions you need to be part of them to be involved in decision-making process .... http://rt.com/business