The President of Brazil, Luiz Inácio Lula da Silva, receives this Monday (26/06) the President of Argentina, Alberto Fernández, in the Brazilian capital. The meeting marks the 200 years of diplomatic relations between the countries.

Fernández’s management is facing a serious economic crisis with high inflation rates and a shortage of reserves to repay a loan from the International Monetary Fund (IMF).

To improve economic performance, Fernández expects to receive financial support from Brazil or from the New Development Bank of the Brics (a group formed by Brazil, Russia, India, China and South Africa), headed by former president Dilma Rousseff.

Lula and Fernández will meet at the Planalto Palace at 12:00 am and will later have lunch at the Itamaraty Palace. The Argentine leader should also meet with authorities from Congress and the Federal Supreme Court (STF).

Last week, during an event in France, Lula criticized the IMF for having lent US$ 44 billion to the Argentine government during the Presidency of Mauricio Macri (2015-2019) and highlighted the importance of the Brics bank.

The Brazilian president, along with five other South American leaders, signed a letter last Thursday (22/06) addressed to Joe Biden, President of the United States. The document was put together by the Argentine government and gained support from the representatives.

Lula’s other players are Andres Manuel Lopez Obrador (Mexico), Gustavo Petro (Colombia), Gabriel Boric (Chile), Luis Arce (Bolivia) and Mario Abdo Benitez (Paraguay).

The letter states that Argentina’s excess debt is caused by an “exceptional loan” granted by the IMF to Macri, in addition to highlighting the “work” of the Argentine government to honor its debt commitments, despite the effects of the covid-19 pandemic. 19, the war in Ukraine and the worst economic drought in the country’s history.

Fernández, thanked his colleagues for their support: “it’s another sign of the strength we have as a region if we work together.”

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