In a recent address at the UN General Assembly, Brazil’s President, Luís Inácio Lula da Silva, expressed deep concerns about the International Monetary Fund (IMF) and the World Bank’s contributions to global inequality. He emphasized that while these institutions seem to be fostering disparity, the BRICS nations—comprising Brazil, Russia, India, China, and South Africa—are ardently working towards a more equitable global order.
Lula da Silva shed light on the glaring disparities in resource allocation by these institutions. He pointed out that last year, European nations were granted special borrowing rights by the IMF to the tune of 160 billion dollars. In stark contrast, African countries received a paltry sum of 34 billion dollars. Such imbalances in leadership and decision-making at these global institutions are untenable, he stressed, as reported by CNN.
The President lauded the efforts of BRICS in combatting global stagnation. He highlighted that the group’s recent expansion during the summit in Johannesburg is a testament to their commitment to fostering an order that respects the multifaceted economic, geographical, and political nuances of the 21st century. “In the face of a severe crisis in multilateralism, BRICS stands as a beacon, advocating for a fairer global trade paradigm,” he asserted.
Furthermore, Lula da Silva accentuated the pressing need for governments globally to reconcile the “voice of the markets” with the “voice of the streets,” emphasizing the widening chasm between the two.
