Brazil Urges New Int'l Institutions _______________________________________________
biz.yahoo.com
Tuesday October 16, 1:09 pm ET
By Louis Okamba, Associated Press Writer
Brazil President Calls for Developing World to Create Own Lending Institutions
BRAZZAVILLE, Republic of Congo (AP) -- Brazil's president called on the world's developing nations to create new global financial institutions to replace the World Bank and the International Monetary Fund.
Tuesday's call came as Brazilian President Luiz Inacio Lula da Silva visited Republic of Congo, the second stop on an African tour during which he is urging the continent's leaders to embrace biofuels as a way to gain economic independence.
"Developing nations must create their own mechanisms of finance instead of suffering under those of the IMF and the World Bank, which are institutions of rich nations," Silva said.
Silva said "there is no place for developing nations" in the World Bank and IMF.
"It is time to wake up," Silva said. "We must take stronger action and the unity of developing countries will allow us to make the change."
Silva also pledged to "review" debts owed to Brazil by the Republic of Congo, according to Brazil's Estado news agency. Congolese debts owed to Brazil amount to about $360 million (254 million euros).
Silva said his government is studying a formula that would transform the debts into Brazilian investments in the African country.
"We are not a wealthy nation," he said. "We do not have all the money we would like to have, but we have a strong sense of solidarity with other nations."
Lula said Brazil was also prepared to aid the Republic of Congo through programs to develop health, education, agriculture and alternative fuels.
Silva held talks with President Denis Sassou-Nguesso during his one-day visit. Sassou-Nguesso called for Brazilians to invest in Republic of Congo, saying his nation's doors were "wide open."
Silva left later Tuesday for South Africa, where he will meet with representatives from India and South Africa to discuss issues before the World Trade Organization. He wraps up his Africa tour in Angola.
This trip is Silva's seventh to Africa. |
