Head of Finance talks about expanding credit through institutions; says that this is Brazil’s objective ahead of the G20

The Minister of Finance, Fernando Haddad, spoke this Thursday (April 18, 2024) to central bank presidents and economic ministers from G20 countries. In his speech, he strongly defended the strengthening of multilateral development banks.

“To drive transformative development, however, multilateral development banks need to step up their efforts and work together effectively and at scale”, declared Haddad in Washington (USA). Here is what the minister said in full (PDF – 329 kB).

The financial institutions mentioned by the head of Finance are public and maintained with money from countries that are part of a given economic bloc. One example is the IDB (Inter-American Development Bank).

For Haddad, these organizations need to improve their capacity to expand credit to countries. “A substantial medium-term reform agenda remains to be implemented”he spoke.

The G20 brings together the 19 largest economies in the world plus the African Union and the European Union.

Brazil assumed the rotating presidency of the group in December 2023. The mandate runs until November 30, 2024. The 19th meeting of the group’s summit will be held in November 2024, in Rio de Janeiro.

Haddad states that the country’s leadership above the group will be responsible for promoting multilateral development banks.

“Building on the work of previous presidencies, we are formulating, in an inclusive and collaborative way, a G20 roadmap to promote better, larger and more effective multilateral development banks.”

Regarding the group’s sustainable agenda, Haddad said that there had been little progress in most of the objectives and also spoke of “setbacks” in others.

“More than half of your goals show weak or insufficient progress, while almost 1/3 of them are stagnant or going backwards”he stated.

Source: https://www.poder360.com.br/economia/a-ministros-nos-eua-haddad-propoe-fortalecer-bancos-multilaterais/

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