Lula Calls for IMF, World Bank Reforms in First G-20 Speech
- Brazil leader calls for reduced surcharges on indebted nations
- Lula took over G-20 this month with focus on poverty, reform
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Brazil’s Luiz Inacio Lula da Silva called on international financial institutions to reduce fees and increase efficiency, continuing his career-long push for global governance reform as he kicked off his nation’s presidency of the Group of 20.
“We want to encourage international financial institutions to cut surcharges, increase the volume of concessional resources and build formulas to reduce risks,” Lula said Wednesday in Brasilia, where he delivered his first address as G-20 leader to a gathering of the group’s economic officials. “Those who need the most are those who receive the least, which exacerbates inequalities between countries.”