Taxation of the richest must advance in the G20, says Fernando Haddad

IMF

Reform of multilateral banks and ecology will also be a priority

Brazil will take advantage of the presidency of the G20, a group of the 20 largest economies on the planet, to advance in the taxation of the richest, the reform of multilateral financial institutions and the search for sustainable development, said this Friday (13) the Minister of Finance, Fernando Haddad. He gave a speech in Marrakech, Morocco, at a parallel event to the annual meeting of the International Monetary Fund (IMF) and the World Bank.

“We urgently need to improve our international financial institutions, make the richest pay their fair share of taxes, address the debt problem in a growing number of countries in Africa, Asia and Latin America, and, efficiently, mobilize public and private resources for a greener and more sustainable global economy”,

declared the minister during the session of Finance Ministers and Presidents of the G20 Central Banks.

Haddad highlighted five main axes of the Brazilian presidency at the G20: effective global coordination between economic and financial policies; reform of international financial institutions; correction of inequalities in international taxation and combating tax evasion; investments in concessions in low- and middle-income countries and renegotiation of large debts of these governments; and partnerships between public and private capital for “equitable” ecological transformations.

“The Brazilian presidency of the G20 will soon propose articulated priorities for each of the working groups and task forces on the financial track, aiming to translate this agenda into concrete policies and results, agreed between all G20 members,” said Haddad. The minister refuted allegations that the plans are difficult to implement. “Failing to present an agenda like this would be unrealistic, because it would mean compromising the legitimate aspirations of future generations,”

highlighted.

Right time

According to Haddad, Brazil’s presidency of the G20 came at the right time, with the country resuming the tradition of promoting dialogue and the search for consensus between countries from the most different groups. The minister also addressed the internal scenario. “In 2023, we put our house in order after a turbulent few years,” he said. Haddad highlighted a set of measures implemented since the beginning of the year, such as the new fiscal framework, advances in tax reform and other structural reforms.

“We have reduced deforestation, renewed and expanded internationally recognized social programs, such as Bolsa Família, and we have just launched an ambitious ecological transformation plan. Now, Brazil is ready to turn to global challenges and promote a constructive and productive dialogue towards 21st century multilateralism.”

This Friday, Haddad had bilateral meetings with the Deputy Secretary-General of the United Nations, Amina J. Mohammed; with the executive director of the United Nations Development Program (UNDP), Achim Steiner; and with the president of the World Bank, Ajay Banga. Haddad also met with the finance ministers of Indonesia, the United Kingdom and Portugal.

Minister and the president of the Central Bank, Roberto Campos Neto, participated in the session of Finance ministers and presidents of the Central Banks of the G20, a group of the 20 largest economies on the planet. On Saturday (14), the two will conclude their commitments in Morocco, at the plenary session of the International Monetary and Financial Committee, a consultative body of the IMF Board of Governors.

*With information from Agência Brasil

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