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This article conducts an analysis of the BRICS member countries in terms of their national and international institutions, with a special emphasis on how these institutions affect the stability of the global financial system and the promotion of development. To this end, the work was guided by the attributions of national central banks and the role played by the G20 in maintaining international financial stabilization. Additionally, the analysis examines the activities of national development banks and their institutions established within the BRICS nations, such as the Contingent Reserve Arrangement and the New Development Bank. The descriptive method was used to interpret the dynamics of international political and legal relations. The article concludes by recognizing the decreasing significance of multilateral solutions and highlighting the need for the national central and development banks of the BRICS countries to engage in communication with international organizations of financial cooperation.

The reforms carried out recently in the Republic of Uzbekistan have caused a wide discussion. For many, the speed with which the liberalization of the economy is carried out, as well as the scale of transformations, came as a surprise. Being one of the most closed economies in the post-Soviet space five years ago, Uzbekistan managed not only to catch up with the progressive countries of the former Soviet Union, but also to do so with relatively small social consequences. As shown in the article, the “Uzbek miracle” was caused by three factors. Firstly, the reforms were prepared in advance. Secondly, after the change in the policy of multilateral development banks in terms of the conditions they set for issuing loans to governments, recapitalizing (in some cases) these organizations and optimizing their balance sheets, their ability to provide loans has expanded. In addition, criticism from the international community has stimulated multilateral development banks to take a more careful approach to the choice of tools used when working with borrowing states and literally “create” stories of successful transformation of national economies. Thirdly, the national development Institutes of the People’s Republic of China and Japan have been active in working with the Government of the Republic of Uzbekistan to implement projects aimed at modernizing the old and building new infrastructure. They have invested significant resources to transform certain sectors of the Uzbek economy. Financial institutions of European and Arab states also cooperate with the Uzbek government.Based on the matrix of projects compiled with the volumes of planned investments in the context of institutions and spheres of economic activity, the author pointed out sectors of the Uzbek economy that are the most attractive for individual foreign economic partners of the republic. The rapid growth of the state external debt of the republic has caused a discussion in the country about the effectiveness of the use of foreign loans, as well as the establishment of an upper limit on international borrowing. At the current stage, the Republic of Uzbekistan does not intend to reduce the amount of assistance it attracts from international financial organizations (at the same time, the public debt ceiling will still be set), since, together with loans, these institutions, as a rule, allocate funds free of charge for the preparation of projects and advisory assistance to the Government of the Republic of Uzbekistan.

Until now, the processes of global regionalisation have not been adequately reflected in the formation of systemic approaches to the management of financial relations within the Eurasian Economic Union. It leads to the search for new financial policy mechanisms necessary to stimulate the economies of the EAEU countries in the context of emerging economic and geopolitical constraints, as well as the creation of the necessary prerequisites for industrial cooperation in the context of anti-Russian sanctions and de-globalisation trends intensified by the COVID-19 pandemic. Currently, the vulnerability of the economies of the EAEU member states is due to their extreme dependence on external extra-regional demand, international capital and technology markets, as well as international settlement and payment systems based on the US dollar. The study is based on a dialectical approach. In conducting the research, we used general scientific methods of analysis, synthesis, generalisation, as well as methods of systemic, historical-logical and comparative analysis. The contradictory nature of the development of the world economy at the present stage was revealed. The role of the EDB in creating conditions for sustainable development of the EAEU member states has been substantiated. Changes in the structure of the EDB’s investment portfolio were analysed. The advantages and disadvantages of the EDB’s current activities in the context of the implementation of the Bank’s Strategy for 2018–2020 were summarised. Comparative characteristics of financing of EDB member countries through multilateral development banks were presented. The impact of the COVID-19 coronavirus pandemic on the current and future activities of the EDB was shown.

The article is focused on the activities of two recently established multilateral development banks (MDBs) - the BRICS New Development Bank (NDB) and Asian Infrastructure Investment Bank (AIIB) - in mobilizing private infrastructure investment. Unlike other MDBs, these banks specialize exclusively on sustainable infrastructure projects and are currently creating mechanisms to attract private investment. These factors, as well as Russia’s leading role in both banks, make it necessary to study the mechanisms used by the NDB and AIIB to mobilize private sector funds and make recommendations for their further expansion and development. To achieve this goal, this article presents an analysis of both banks’ documents providing for their engagement with the private sector and mobilizing its resources, and compares qualitative and quantitative characteristics of practical cooperation between private investors and the two MDBs. Based on the analysis, the author makes recommendations on improving and expanding the list of mechanisms used to mobilize private financing. In particular, the AIIB, following the NDB example, should start attracting capital in the member countries financial markets as soon as possible. The NDB needs to ensure the prompt launch of its Project Preparation Fund operations, while the similar AIIB’s fund should focus on raising funds from private investors to finance its activities. It will also be instrumental for the NDB to clearly formulate a strategy for financing loans without sovereign guarantees. In addition, both banks should expand the set of tools used for mobilizing private investment and consider provision of guarantees, expert work and support directly to borrowing countries, as well as exchange of experience and participation in joint projects.

The 2008 global financial crisis has become a turning point for the world community to realize the necessity to reform international economic system and to allow greater participation of leading emerging economies in the global economic governance. Given the huge economic might that Chinahas accumulated and its willingness to assume greater international responsibilities and leadership functions, Chinacan be regarded as one of the countries that play a key role in the processes of reforming the international economic system and global economic governance. Contributing to the improvement of the existing rules, norms and institutions, Beijing at the same time offers to the world its new, China-centered initiatives, to name a few, the Asian Infrastructure Investment Bank and “Belt and Road” Initiative. This article characterizes China’s participation in the reforming of the international economic system after the 1997 Asian financial crisis till the present time with the focus on identifying major forms of China’s participation, its motivations and efforts’ emphasis. By reviewing initiatives and measures that China offers, backs and conducts in order to bring changes into the international economic system and by analyzing Chinese leadership’s official rhetoric and foreign policy activities, the article concludes that Beijing has set a course to assume one of the key roles in the global economic governance and to create China-dominated system of international rules, norms and institutions..

The 2008 global financial crisis has become a turning point for the world community to realize the necessity to reform international economic system and to allow greater participation of leading emerging economies in the global economic governance. Given the huge economic might that China has accumulated and its willingness to assume greater international responsibilities and leadership functions, China can be regarded as one of the countries that play a key role in the processes of reforming the international economic system and global economic governance. Contributing to the improvement of the existing rules, norms and institutions, Beijing at the same time offers to the world its new, China-centered initiatives, to name a few, the Asian Infrastructure Investment Bank and “Belt and Road” Initiative. This article characterizes China’s participation in the reforming of the international economic system after the 1997 Asian financial crisis till the present time with the focus on identifying major forms of China’s participation, its motivations and efforts’ emphasis. By reviewing initiatives and measures that China offers, backs and conducts in order to bring changes into the international economic system and by analyzing Chinese leadership’s official rhetoric and foreign policy activities, the article concludes that Beijing has set a course to assume one of the key roles in the global economic governance and to create China-dominated system of international rules, norms and institutions.