Brazil's Lula accuses IMF, other global organisations of 'failing' developing nations

In a thought-provoking speech at UNGA General Debate, Brazilian President Luiz Inácio Lula da Silva stated that Western organisations are failing developing nations. In his fiery address to international body, Lula lashed out at both developed and developing nations due to rising inequality in world. Brazilian President criticised developing countries for t pushing back adversaries harder, South China Morning Post reported.  

“When institutions reproduce inequalities, y are part of problem and t solution,” Brazilian President asserted. In his first address to body since his return to power, Lula specifically called out International Monetary Fund (IMF) for treating West and “rest” differently. international financial body made US$160 billion available in special drawing rights to European countries. However, African countries received only US$34 billion from IMF. 

Lula went on to highlight importance of a body like BRICS in se circumstances. “BRICS emerged in wake of this immobility [of developed ecomies] and constitutes a strategic platform to promote cooperation between emerging countries,” Lula said. He insisted that recent expansion of group strengns struggle for an order that takes into account ecomic, geographic, and political plurality of 21st century. 

‘Brazil is back’

During his address, Lula recalled speaking at UNGA 20 years ago and expressed confidence in human and nation’s capacity to overcome challenges. “I return today to say that I maintain my unshakeable trust in humanity,” he stressed. “If today I return in hourable capacity of President of Brazil, it is thanks to democracy,” Brazilian President furred. With motto “Brazil is back”, Lula insisted that Latin American country is “recountering itself” and world. “As I never tire of saying, Brazil is back. Our country is back to give our due contribution to face world’s primary challenges,” he concluded.