I read with interest the article “BRICS: New force on world’s stage” (June 20) by Shashi Tharoor. The formation of BRICS is not just the result of the growing influence of the member nations in the world but it should also be seen as a response to the arm-twisting tactics of the existing organizations of this nature. There is a perception about organizations like the International Monetary Fund (IMF) and the World Bank that they are nothing but tools in the hands of the western governments and devise policies to promote the interests of western powers. To an extent, I do agree with this opinion. The manner in which these organizations enslave Third World countries through their loans and strict monetary policies is deplorable.

Sometimes, I feel that the IMF and World Bank don’t want countries to become self-reliant. People of Asia or rather developing countries are pinning hopes on BRICS. This organization can only succeed if it changes its modus operandi from its rivals. Of course, IMF or the World Bank would not sit idly by and watch BRICS gain a foothold in the world. Reports are appearing in the world media about the existing organizations or should I call them global lenders rethinking their strategies. That was very much expected. BRICS need to gain an edge over its rivals. In order for BRICS to achieve that it should ensure a transparent mechanism and instead of emerging as yet another exploiter, BRICS should work to become a helping hand.