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Remarks by H.E. Mrs. Dilma Rousseff, President of the New Development Bank

· Dilma Rousseff, President of the New Development Bank (BRICS) (International)

Summary written by Dark Majestic in its own words · topics: monetary policy and interest rates, public finances and debt, development and emerging economies

DR
· Dilma Rousseff Wiki · New Development Bank (BRICS) WikiRemarks by H.E. Mrs. Dilma Rousseff, President of the New Development Bank

ContextOpening of the bank's ninth annual meeting of governors in Cape Town, with South Africa's finance minister; the New Development Bank funds infrastructure in emerging economies and wants to grow its membership.

Why it mattersThe BRICS bank argues that global liquidity should reach developing economies in local currencies.

Problems raised
  1. Developing countries face high interest rates.
  2. International liquidity does not reach them.
  3. Fiscal space to invest is limited.
Solutions proposed
  1. Channel international liquidity to developing economies.
  2. Expand financing in local currencies.
  3. Strengthen the NDB's role for its members.
Read full speech on ndb.int ↗

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