On December 27, Dilma Rousseff, chair of the BRICS New Development Bank, encouraged Uruguay to join the NDB during talks with President-elect Yamandú Orsi. She highlighted the bank’s favorable lending terms without stringent macroeconomic conditions. While Uruguay’s membership process is nearly complete, Orsi emphasized a collaborative approach instead of pursuing BRICS bloc membership, also considering traditional financing from other institutions.
During discussions in Montevideo on December 27, former Brazilian President Dilma Rousseff, who currently chairs the BRICS New Development Bank (NDB), advocated for Uruguay’s membership in the institution to President-elect Yamandú Orsi. Rousseff praised the NDB’s favorable lending terms compared to those of the International Monetary Fund (IMF), stating, “Uruguay is perfectly positioned to be given credit.” She emphasized the absence of stringent macroeconomic conditions often imposed by western-backed financial institutions.
Rousseff reported that Uruguay’s approval process for NDB membership is nearly complete, with a nod from the board of governors, pending only the finalization from various institutional bodies, including the Uruguayan Congress. She underscored the importance of Uruguay’s involvement in the bank, highlighting ambitions to expand beyond BRICS founding members. “For us, it is important that Uruguay participates in the bank,” she stated.
Orsi, who is set to assume office on March 1, acknowledged the support that the NDB could offer to developing nations, remarking that Uruguay would prioritize a collaborative approach with the NDB rather than fixed loans. He noted that his administration would also consider options from traditional lenders like the Inter-American Development Bank. “Today’s world is complex, and opportunities for resources, financing, and support should not be overlooked,” Orsi concluded. This meeting also included key future cabinet members, enhancing the collaborative atmosphere.
The BRICS New Development Bank (NDB), backed by countries such as Brazil, Russia, India, China, and South Africa, aims to facilitate financial support for emerging economies. With the increasing role of BRICS in global finance, Uruguay’s potential entry into the NDB highlights a shift from traditional lenders like the IMF, which often impose strict conditions. The dialogue between Rousseff and Orsi signals strategies that focus on regional cooperation and economic resilience amid global complexities.
In conclusion, the discussions between Dilma Rousseff and Yamandú Orsi represent a significant step towards enhancing Uruguay’s engagement with the BRICS New Development Bank. By advocating for Uruguay’s membership, Rousseff emphasizes the bank’s advantages over traditional lending options, promoting a vision of cooperation tailored to the needs of developing nations. As Orsi prepares to take office, his commitment to exploring diverse funding avenues reflects an adaptable approach to economic challenges ahead.
Original Source: www.intellinews.com
