Haddad defends actions with concrete results at the G20 – 02/24/2023 – Market

The Minister of Finance, Fernando Haddad (PT), said in India, at a meeting of G20 Economy ministers, that the Lula government will rebuild Brazil’s international presence.

“We inherited a problematic diplomatic scenario. Brazil was isolated, absent and in disagreement with its values ​​and traditions”, he said in the welcome session of the event.

Haddad traveled to Bangalore, India, to meet finance ministers and central bank presidents from the G20 countries. The economic team sees the event as an opportunity to reposition the country on the international scene as a country that offers solutions to global crises.

For the minister, economic and financial matters are an important part of this effort.

In a sort of groundwork for Brazil to assume the presidency of the G20 starting next year, he promised to work towards understandings based on inclusion and a sustainable future for nations.

In 2024, the country will chair the group that brings together the largest global economies.

“President Lula’s government considers the G20 to be central to strengthening multilateralism,” he said.

In the speech, Haddad cited global challenges such as the consequences of the pandemic, wars, conflicts, increased poverty, inequalities and clean energy at affordable prices.

According to him, in this scenario, dialogue between the major economies is important, but not enough. “We need actions with concrete results,” he said.

He defended the deepening of discussions on reforms in development banks so that they strengthen partnerships and channel resources to deal with issues related to climate, food and poverty.

For Haddad, these institutions need to be capitalized to support developing countries with long-term financing, adequate interest rates and innovative structures.

“We are concerned with debt levels, especially among the poorest countries. The rise in interest rates in the midst of the fragility of the world economy aggravates the scenario”, he analyzed.

The minister also cited climate investments as more costly for poor countries, which makes it difficult to achieve carbon emission reduction targets.

Haddad said that developed countries need to fulfill the commitments set out in the Paris Agreement and the ambition declared in Glasgow and Egypt, including increasing resources for mitigation and adaptation.

He mentioned President Luiz Inacio Lula da Silva’s promise to end deforestation by 2030 and said that investments in cities are fundamental to achieving balanced and inclusive development.

Haddad’s agenda in India includes bilateral meetings with the finance ministers of France, India, Argentina, South Africa, Spain and the European Union.

According to the minister’s advisory, the bilateral meeting with the French minister Bruno Le Maire, scheduled for before the welcome session, will have to be placed at another time due to a delay in the event’s breakfast.

The meeting is yet another sign of proximity between the governments of Lula and Emmanuel Macron, who maintain a close relationship.