Lula Wants a Bigger Role for Brazil in the World Bank and the IMF

Brazilian president Luiz Inácio Lula da Silva Brazil and its neighbors in the Mercosur are in a more solid position to face the global financial crisis that rich nations, said Brazilian President, Luiz Inácio Lula da Silva, who nevertheless called for  stronger trade links among South American group of nations.

"Mercosur countries are in a growth and jobs creation cycle," said Lula in his broadcast program "Breakfast with the President." "We know the global financial crisis is very serious, but we are in better conditions to address it than the rich nations."

Lula da Silva said that the strength of Mercosur is based on its domestic market and expansion capacity.

"My message is that to face the crisis we need more Mercosur, more exports, more trade among our member countries," insisted the Brazilian president in reference to the group made up of Argentina, Brazil, Paraguay, Uruguay, associate members Chile, Bolivia, Peru, and Venezuela which is in the process of full membership integration.

Ahead of the coming G-20 summit in Washington this weekend Lula said he expected a greater regulation framework for the global financial system to prevent a repeat of the current crisis or similar situations.

"We all know the international financial system needs some type of government control or regulation, a financial system can't turn into a casino. We want the financial system to invest in developing countries, in helping expand industry and farming," he emphasized.

President Lula who has become the spokesperson for South America and other developing nations has defended a greater participation of the emerging economies in the multilateral organizations such as the IMF and the World Bank.

However the French Finance minister Christine Lagarde in an interview with the Brazilian daily Valor Econômico from São Paulo said that the IMF was reformed in 2007, "following many years of negotiations," and therefore "we must work with what we already have in our hands."

Ms Lagarde also expressed reservations about re-launching the Doha round talks next weekend in Washington, "we already have too much to talk about."

Mercopress

Tags:

You May Also Like

Brazilian Pantanal Uses Bone and Horn, All to Sell Furniture

Nature in the Brazilian Pantanal is generous. There are savannahs, a little Amazon forest ...

With a Little Promotion Brazil Could Become More Attractive to Arab Investors

Agribusiness is one of the most promising Brazilian sectors for the attraction of Arab ...

Brazilian-made Embraer-190 jet

Lufthansa Upgrades Order: It Now Wants 30 Brazilian Embraer 190 Jets

Brazilian aircraft builder Embraer confirms that it has entered into a preliminary agreement with ...

It Happened in Brazil: A Good Deed Is a Reward in Itself

March 9, 1999 is a day which I will remember forever. That day I ...

Brazil’s Plan to Divert the São Francisco River Is Good Only for Big Business

The São Francisco River is so important in Brazil that is called the river ...

How Door-to-Door Sales Made Cosmetics Firm Natura into a Giant in Brazil

Countries all over the world are interested in taking the Brazilian brand Natura, leader ...

Brazil: ‘No Need to Always Agree with US’

United States Secretary of State, Colin Powell, speaking to reporters during a press conference ...

Brazil & Co Welcome Venezuela as Mercosur’s Fifth Member

The Mercosur is about to get its fifth member. Tomorrow, July 4, Brazilian President ...

Soy Invades Corn, Wheat and Bean Land in Brazil

The lack of rain in the Brazil’s main producing regions reduced the 2005 agricultural ...

LETTERS

The number of Internet users in Brazil has surpassed the 1 million mark and ...

WordPress database error: [Table './brazzil3_live/wp_wfHits' is marked as crashed and last (automatic?) repair failed]
SHOW FULL COLUMNS FROM `wp_wfHits`