WB and IMF No Longer Respond to the World's Interests: Lula

On Friday, Brazilian President Lula da Silva advocated for strong global governance and stated that the Bretton Woods institutions "no longer function." 

RELATED: 

The Amazon “Belongs to All Humanity,” Says Lula in Paris

"The Bretton Woods institutions no longer function and no longer meet the aspirations and interests of society. We have to be very clear about this," he said during the closing of the Summit for a New Global Financial Pact, driven by French President Emmanuel Macron.

Lula directly accused the World Bank (WB) and the International Monetary Fund (IMF) of causing the bankruptcy of nations. Specifically, he highlighted the Argentine case, in which the IMF "irresponsibly" provided a loan to former President Mauricio Macri (2015-2019). 

"It is not known what Macri did with that money," the Brazilian leader said, recalling that Macri left office without leaving the next government dollars to pay off the multilateral debt.

"We cannot continue with the same institutions that are functioning erroneously, and the same goes for the United Nations Security Council... The representatives from 1945 cannot be the same as today," he emphasized.

As an example, Lula mentioned that "the United Nations was able to create the State of Israel in 1948 but it is unable to solve the problem of the occupation of the Palestinian state. We have to say it."

The tweet reads, "It is simply impressive to see Lula, a survivor from the bowels of a poor country, embraced by the world as the leader of a crusade for environmental protection and peace. Brazil is leading history but the smallness of many people prevents it from being seen."

Therefore, the Brazilian president called for the creation of strong global governance because if the institutions do not change, "the world will remain the same, the rich will remain rich and the poor will remain poor."

"We have an increasingly unequal world, with wealth concentrated in the hands of the richest while poverty is concentrated among the poorest. The inequality issue must be as prioritized as the climate issue. We cannot discuss climate without balancing inequalities," Lula stressed.

The climate crisis will also not be resolved without "strong global institutions because without them, no one will uphold the agreements achieved, as is the case with the Kyoto Protocol or the Paris Agreement," he explained.

Lula also reiterated, as he had done on Thursday at a concert organized by the NGO Global Citizen, that there will be "zero deforestation" at the Brazilian Amazon by 2030.

Lula invited all leaders of the world to the 2025 United Nations Climate Change Conference (COP30), which will be held in Belem, the capital of the state of Para, so they can truly experience the Amazon since many people talk about it but few "know it."

Prior to COP30, Lula wants to gather all the countries having rainforests to discuss and present a joint "unique proposal" to preserve these important ecosystems for humanity.