The BBC reports, today that Brazil will offer the International Monetary Fund $10 billion in order to improve the accessibility of credit to developing nations. This move represents what could be the beginning of Brazil's true emergence as a great power. Brazil has both a strong military and economy but cannot really be called an "active" power. Until now, it was probably fairer to say that Brazil was at best a regional power. A move like this, part of a greater commitment by BRIC nations, helps Brazil to push past that label and earn the attention it has been receiving lately as a growing power.
Beyond that, by committing such a large amount of money to the IMF, Brazil may be helping to restore legitimacy to an institution that has had a poor track record in South America. With a contribution like this, Brazil will have a lot more influence in the decisions of the IMF because of the institution's structure where the number of votes a state has is dependent on the amount of money it contributes - this contribution would place Brazil as a top 5 contributions and, consequently, influence. What this means for South America is that it can finally have one of its own fighting in its best interests and hopefully work to change the mistrust (and/or hatred) that is the result of detrimental IMF involvement in the past. Also, this must make developing nations worldwide optimistic now that one of their former colleagues is now an influential player in international politics and institutions.
This seems like a good first step for Brazil and may create a little more anticipation for the upcoming BRIC summit.
- blenCOWe
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