G20 in Fortaleza: world delegates seek solutions for global financial challenges

At the opening of the meeting, authorities highlighted the importance of international cooperation to guarantee investments for developing countries to counter hunger and poverty. Until Wednesday, the 13th, the G20 WG will also discuss external debt, the international payments system, and strengthening multilateral development banks.

06/10/2024 2:43 PM - Modified 13 days ago
Audiovisual G20

Expectations are high for the G20 International Financial Architecture working group meeting, which takes place until Wednesday, 13/6, in Fortaleza, the capital of Ceará. More than 200 delegates representing the forum's member countries, international organizations, and multilateral development banks (MDBs) are engaged in discussing solutions for a payment system between countries; external debt; and improving access for countries in the Global South to global investments, among other subjects.

Antonio Freitas, Undersecretary of International Finance and Economic Cooperation at the Brazilian Ministry of Finance (MF), highlighted that it is time to discuss critical issues such as the one led by African countries, which takes place this Tuesday, a planned delivery of the WG in the Brazilian presidency of the G20. The group is under the coordination of the Ministry of Finance in partnership with Banco Central do Brasil (BCB).

“As we reach the midpoint of the Brazilian G20 Presidency, we are making good progress in implementing the IFA work plan agreed at the beginning of the year. It is time to conclude or move forward significantly. Brasil is confident that we can negotiate differences in technical views and expand much-needed understanding”, said the diplomat during the opening of the meeting, attended by the governor of Ceará, Elmano Freitas.

More investment in the Global South

Freitas highlighted that countries in the Global South have faced great challenges in overcoming hunger and poverty after the pandemic and that international financial institutions have “a crucial role in the development of these economies and commitments to the energy transition and decarbonization of the planet.” He highlighted the leading role of the state of Ceará in clean energy production.

“We must think about an economy based on a new energy matrix, which presents enormous challenges. An economy that is more inclusive to eradicate hunger everywhere on this planet while preserving the environment. The leaders of our nations have enormous challenges ahead”, he indicated.

According to Ceará’s Governor, the G20 debates on strengthening of multilateral development banks and facilitating loans to developing countries can benefit the state. “More cooperation and lower interest rates benefit the actions we want to implement to move families away from assistance policies towards economy, work, and housing policies. This can only be done with strong international cooperation”, concluded Freitas.

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