 "(L-R) Brazil's President Michel Temer, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, Chinese President Xi Jinping and South African President Jacob Zuma pose for a group picture during BRICS Summit in Benaulim, Goa")
The idea of establishing an alternative credit rating agency led by the BRICS bloc of countries is gaining momentum. But there are questions as to whether it will prosper given the major challenges it’s bound to face.
Leaders from the bloc made of Brazil, Russia, India, China and South Africa are championing the idea. The idea formerly emerged during the 2015 BRICS summit in Ufa and was affirmed by the Goa Declaration at the 8th BRICS Summit. Most recently South Africa’s President Jacob Zuma said BRICS countries had taken
