736428-11-8Q AID: 8522 | 09/02/2020

The Country C used the Beijing consensus for its growth and development which is in
favor that the state plays a very crucial role in its development without any interference in
its economic and political practices. The IMF and Bank provides loan on a condition that
the loan recipient needs to unrestrained their market by privatization and liberalization.

The following are the challenges posed by the Country C and the BRICs associations:

 By drawing its foreign exchange reserves of approximately $4 trillion, The

country posed direct challenge to the World Bank.

 The Bank called Asian Infrastructure Investment Bank was launched by the
Country C which is an alternative to the Asian Development Bank (major
shareholders of ADB are Country J and Country US).