Dilma Rousseff argues for expansion of BRICS, use of local currencies
In a Tuesday (Oct. 22) meeting with Russian President Vladimir Putin, the president of the BRICS Bank, Dilma Rousseff, defended the expansion of the bloc and the increase in funding in national currencies, replacing the dollar.
A former Brazilian president, Rousseff pointed out that the countries of the Global South have large financial needs and that there are difficulties in obtaining these loans.
“We’ve had quite a lot of investment, but still not enough for the needs of the BRIC countries. That’s why it’s key to make financing available in local currency through specific platforms. The New Development Bank [NDB] is committed to providing financing not only for sovereign projects, but also for projects in the private sector,” she said.
The Russian president thanked the president of the NBD—the BRICS Bank—for her presence in Kazan, Russia, which is hosting the bloc’s 16th summit from Tuesday (22) to Thursday (24). Putin also praised the work of the former president of Brazil at the head of the group’s main financial institution and advocated increasing the use of national currencies.
“We really appreciate what you have done in recent years. Increased payments in local currencies make it possible to reduce debt service rates, increase the financial independence of Brics member countries, minimize geopolitical risks, and, as much as possible in today’s world, free economic development from politics,” President Putin noted.
The Russian leader also pointed out that, since 2018, the BRICS Bank has financed more than 100 projects totaling more than 33 billion dollars. One of the bloc’s objectives has been to expand the use of its own currencies in trade between member countries, reducing dependence on the dollar.
Dilma Rousseff should also present a report on the NDB at the BRICS Summit on Thursday (24), during the BRICS+ session, which is expected to bring together around 32 representatives from countries in Asia, Africa, and Latin America. Rousseff chairs the bank until July 2025.
During her meeting with President Putin on Tuesday, the former Brazilian president also defended the bloc’s expansion, which is one of the main themes of the current summit in Russia. “The BRICS is now in a process of great maturation. I hope we can see a greater expansion of the BRICS countries among the countries of the Global South and that we can define the new paths that we should take in the coming years,” Dilma Rousseff added.
Lula
President Putin also spoke by telephone on Tuesday with Brazilian President Luiz Inácio Lula da Silva, who was unable to attend the summit due to a domestic accident last weekend. Both expressed regret at the absence of Brazil’s head of state, but President Lula promised to take part in the meeting of member countries by video.
