Brazil President Tells UN She Wants More Power for Developing Countries
Brazil President Tells UN She Wants More Power for Developing Countries
Luana Lourenço 28 September 2014
President Dilma Rousseff criticized on September 24 the delay in providing developing countries with more voting power at such major financial institutions as the International Monetary Fund (IMF) and the World Bank, and said that they are running the risk of losing efficiency and legitimacy.
The statement was made at the opening ceremony of the 69th session of the UN General Assembly, in New York.
"It is imperative to put an end to the disparity between the increasingly important role played by developing countries in the world's economy and their insufficient participation in the decision-making processes of financial institutions worldwide, like the IMF and the World Bank. The delay in expanding the voting power of emerging countries at these institutions is unacceptable," Rousseff declared in her speech.
She highlighted the joint efforts of the BRICS (Brazil, Russia, India, China and South Africa), which decided this year to start a development bank and an arrangement for the emergency assistance of member countries and other emerging nations as an alternative to the world's financial order.
The president mentioned a number of measures taken by the government over the last years in an attempt to protect the Brazilian economy from the global crisis, but she admitted that Brazil is also among the countries that experienced a slowdown.
More:
http://www.brazzil.com/info/138-september-2014/23907-brazil-president-tells-un-she-wants-more-power-for-developing-countries
