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Russia signs up to $100 bn BRICS fund to rival IMF

Russian President Vladimir Putin, pictured in Moscow on May 1, 2015, ratified an accord to set up a $100-billion reserve fund for the so-called BRICSRussian President Vladimir Putin ratified an accord Saturday to set up a $100-billion reserve fund for the so-called BRICS — the five leading emerging economies that include Russia, China, Brazil, India and South Africa. Moscow is expected to contribute $18 billion to the reserve, well behind the $41 billion China has promised to pour into the fund that was set up after an agreement signed in July 2014 in Brazil.

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