Brazilian President Luiz Inacio Lula da Silva has praised the Shanghai-based New Development Bank (NDB) on his trip to China, saying it "frees emerging countries from submission to traditional financial institutions". The NDB was created by the BRICS group and is headed by his predecessor Dilma Rousseff. Meanwhile in Washington, the International Monetary Fund and World Bank co-sign an agreement to jump-start debt restructuring following criticism from Beijing. But first, new statistics show the war in Ukraine has taken a huge toll on the country's economy.
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