BRICS Bank President Calls for Financial Shake-Up in the Global South
Dilma Rousseff, the president of the New Development Bank (NDB), also known as the BRICS bank, knows how to make finance fun and inclusive.
In her recent keynote speech at the 14th Lujiazui Forum in Shanghai, she highlighted the need for a new financial architecture designed specifically for the Global South. And she didn’t stop there—Rousseff emphasized the importance of making it exciting and accessible to everyone.
“We urgently need a fresh approach to direct liquidity towards the countries of the Global South, ensuring that financing becomes feasible on the scale and terms required.”
The Global South, a term coined by the great American writer Carl Oglesby, refers to the underdeveloped countries outside the traditional power centers. Think Latin America, Africa, Asia, and Oceania—these regions deserve financial solutions tailored to their unique needs.
But Rousseff didn’t just stop at new structures. She also stressed the vital role of using local currencies for long-term investments. According to her, it’s “essential” to create financing tools that align with the local economies.
This isn’t the first time Rousseff has championed the idea of funding projects with local currencies. In fact, during the BRICS bank’s eighth annual meeting, she boldly stated:
“We will prioritize funding our projects in local currencies, aiming to strengthen our member countries’ domestic markets and shield borrowers from the risks of currency fluctuations.”
Rousseff’s vision extends beyond finance. She recognizes the strategic significance of multilateralism and believes in fostering a more balanced and sustainable world. She praised initiatives like China’s “Belt and Road” project, which contribute to a new multipolar world order. With this in mind, the BRICS bank is actively working to build a fairer global landscape.
But the party doesn’t end there! Honduras is the latest country to jump on the bandwagon. President Xiomara Castro formally applied for Honduras to be admitted to the bank during her recent visit to Shanghai. Let the good times and financial empowerment roll!
In conclusion, Rousseff is shaking up the financial world by advocating for a new architecture that caters to the Global South’s needs. She’s not just talking the talk—she’s making finance fun, inclusive, and accessible to all.
Clever Robot News Desk 15th June 2023