Ethiopia’s Financial reforms to working with BRICS and western financial institutions

Ethiopia was invited to join the emerging-markets bloc of Brazil, Russia, India, China and South Africa (BRICS) at the end of August 2024.BRICS provides great opportunities in human resource development, information and technology development as well as development finance.Ethiopia needs to reform its financial system to create vibrant financial markets comparable to member states in the BRICS, according to a study conducted by the Ethiopian Economics Association (EEA) as well as western financial institutions like World Bank and IMF. The ongoing global trends in the New International Economic Order (NIEO) and those factors that pushed Ethiopia to join the BRICS bloc. NIEO is an economic movement proposed with the primary objectives of reforming the international financial institutions and redistribution of wealth between developed and developing countries. How will the emerging economies balance the working relationships between the western financial institutions and BRICS ?