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All Journal Jurnal Online Mahasiswa (JOM) Bidang Ilmu Sosial dan Ilmu Politik
M. Rofid Nadhil Septino
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Social Sciences

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NEW DEVELOPMENT BANK SEBAGAI INSTRUMEN DIPLOMASI BRICS TERHADAP DOMINASI IMF DAN WORLD BANK M. Rofid Nadhil Septino; Mohammad Saeri
Jurnal Online Mahasiswa (JOM) Bidang Ilmu Sosial dan Ilmu Politik Vol. 13: Edisi II Juli - Desember 2026
Publisher : Fakultas Ilmu Sosial dan Ilmu Politik Universitas Riau

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Abstract

This study examines the New Development Bank (NDB) as an instrument of collective economic diplomacy for BRICS nations in offering an alternative international financial architecture amidst IMF and World Bank dominance. Western dominance reflected in asymmetric voting powers and the structural traumas of Structural Adjustment Programs (SAPs) has driven BRICS to consolidate influence into an emerging collective power. The NDB emerges as a manifestation of institutional power upholding the principles of Sovereign Equality, Non-Conditionality, and sustainable development. The research employs a qualitative descriptive approach with library research techniques within the 2020-2024 scope. The analytical framework relies on G.R. Berridge’s Theory of Diplomacy and Negotiation, which explores institutional expansion through Prenegotiation, Around-the-table Negotiations, and maintaining Diplomatic Momentum. The findings indicate that NDB’s strategies include accelerating project approvals to six months, implementing Country Systems, strengthening accountability via the Independent Evaluation Office (IEO), and initiating de-dollarization through local currencies. However, NDB's expansion is constrained by high global standards, initial credibility hurdles, low local currency liquidity, and the Global South's systemic dependency on the West. In conclusion, NDB's effectiveness depends on its consistency in expanding inclusive membership (BRICS Plus outreach) and its capacity to gradually build global operational credibility Keywords: BRICS, New Development Bank (NDB), Ecnomic Diplomacy, IMF, World Bank, Western Dominance
Co-Authors Mohammad Saeri