The president’s speech came during the inauguration of former president Dilma Rousseff at the New Development Bank (NDB)
President Luiz Inácio Lula da Silva in his first speech in China, he defended the fight against poverty and the reforms of multilateral organizations, such as the World Bank and the International Monetary Fund and affirmed that Brazil “is back” on the international stage after an “inexplicable” absence .
“The time when Brazil was absent from major world decisions is over,” the president said at the inauguration ceremony Dilma Rousseff to command the New Development Bank, also known as Banco dos Brics – an acronym formed by Brazil, Russia, India, China and South Africa.
Lula said that the Banco dos BRICS “has great transformative potential”, as it “frees emerging countries from submission to traditional financial institutions”.
In addition to the four new members acquired in the recent past – Bangladesh, Egypt, the United Arab Emirates and Uruguay – Lula said “many more” are in the process of joining. “And I am sure that the arrival of President Dilma will contribute to this process,” she said.
For a woman to lead “a global bank of this magnitude” is in itself “an extraordinary fact,” Lula said. “But the historical importance of this moment goes further,” he corrected, saying that the former president of Brazil, who assumes her first public office since being impeached in 2016, belongs to a generation that in the ‘ 70 fought to “put the dream of a better world into practice – and they paid dearly, many of them with their own lives”.
“Developing countries’ unmet financing needs were and remain enormous,” Lula said, advocating “effective reforms” of traditional financial institutions as a way to increase lending volumes and patterns.
Speaking of reforms in multilateral organizations, Lula cited the United Nations (UN)), in addition to the IMF, the World Bank, and urged emerging countries to use the G-20, the group of the richest countries in the world, “in a creative way”, with “the aim of strengthening the priority themes for the world developing on the international agenda”. In 2024, Brazil will be the president of the G20.
Still on the subject of the New Development Bank, Lula said that the institution has “great transformative potential” as it frees emerging countries “from submission to traditional financial institutions, which intend to govern us, without having a mandate to do so”.
In Brazil, Banco dos BRICS funds finance infrastructure projects, income support programs, sustainable mobility, adaptation to climate change, basic sanitation and renewable energy, Lula recalled in his speech.
“Brazil is back. And we are back willing to help make a difference,” he said. @LulaOficial at the inauguration ceremony of the new NDB president. pic.twitter.com/lhB9E7kbHU
— Planalto (@planalto) April 13, 2023
seven years later
Dilma returned to public office seven years after being removed from the Presidency in a political context of loss of executive government. The former president had his impeachment approved by the House and Senate in a trial with the justification of the crime of responsibility for the practice of the so-called “tax pedals” (delays in payments to public banks) and for the issuance of opening decrees credit without congressional clearance. In the wake of the political turmoil, the Dilma administration in Planalto resulted in a severe economic crisis, with a decline in GDP and an increase in unemployment.
Interrogated by foreign authorities and elected head of the institute last month, Dilma was the only candidate chosen by Lula. Her mandate will last until July 2025. She replaced the diplomat and economist Marcos Troyjo, who was part of Paulo Guedes’ team. The former president is expected to earn around $500,000 (2.5 million reals) a year at the helm of the institution, equal to what the World Bank pays.
The BRICS bank was created after a summit of heads of state, held in Fortaleza, in 2014, during Dilma’s tenure as president. One intention was to expand sources of lending and act as a counterpoint to the financial system and multilateral institutions such as the International Monetary Fund (IMF). Currently, the investment portfolio is approximately $33 billion.
Source: Terra
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