Ahead of the BRICS Summit to be held later this month, Russia which chairs the BRICS group has called on its partners to come up with an alternative to the International Monetary Fund(IMF). The reason being it is bearing the brunt of Western sanctions due to its war in Ukraine. BRICS comprise countries which are key drivers of economic growth, most notably India and China which are the fastest-growing economies. With more countries joining hands, BRICS is fast emerging as a geopolitical counterweight to the West, which seeks to challenge the hegemony of Western institutions such as the World Bank and the United Nations.