Lula Will Propose a Reform of International Institutions during the G20 Presidency

The president also intends to use the Brazilian mandate to renegotiate the debt of poor countries


Lula says he will propose a reform of international institutions during the G20 Presidency. The president also intends to use the Brazilian mandate to renegotiate the debt of poor countries.

President Luiz Inácio Lula da Silva (PT) stated on Thursday (23) that the Brazilian presidency of the G20 will focus on three main discussions, one of them being the possibility of reforming the global governance system.

BRASILIA, DF, BRASIL, 23-11-2023: President Luiz Inácio Lula da Silva (PT). (Foto: Pedro Ladeira/Folhapress, PODER) - Folhapress

Lula also mentioned that another topic receiving attention during his term is the issue of inequality, particularly the debt of the world's poorest countries, in addition to energy transition. "It is not possible for the Bretton Woods institutions, World Bank, IMF [International Monetary Fund], and so many other financial institutions to continue operating as if nothing were happening in the world, as if everything were resolved," he said.

"Many times institutions lend money not with the aim of saving the country borrowing the money but to pay off debt, and not to produce a productive asset, demonstrating that there is no contribution to saving the lives of countries," added the president.

Lula participated in the installation meeting of the National G20 Commission at the Planalto Palace. Brazil will assume the presidency of the bloc, which brings together the world's 19 largest economies, plus the European Union and the African Union, on December 1st. The Brazilian mandate will last until November 30th of the next year.

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