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

In a thought-provoking speech at the UNGA General Debate, Brazilian President Luiz Inácio Lula da Silva stated that the Western organisations are failing developing nations. In his fiery address to the international body, Lula lashed out at both the developed and the developing nations due to the rising inequality in the world. The Brazilian President criticised developing countries for not pushing back the adversaries harder, the South China Morning Post reported.  

“When institutions reproduce inequalities, they are part of the problem and not the solution,” the Brazilian President asserted. In his first address to the body since his return to power, Lula specifically called out the International Monetary Fund (IMF) for treating the West and the “rest” differently. The international financial body made US$160 billion available in special drawing rights to European countries. However, the African countries received only US$34 billion from the IMF. 

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

Se hoje retorno na honrosa condição de presidente do Brasil, é graças à vitória da democracia em meu país. A democracia garantiu que superássemos o ódio, a desinformação e a opressão. A esperança, mais uma vez, venceu o medo. Nossa missão é unir o Brasil e reconstruir um país… pic.twitter.com/HElzn2yi6F

— Lula (@LulaOficial) September 19, 2023

‘Brazil is back’

During his address, Lula recalled speaking at the UNGA 20 years ago and expressed confidence in the 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 the honourable capacity of President of Brazil, it is thanks to democracy,” the Brazilian President furthered. With the motto “Brazil is back”, Lula insisted that the Latin American country is “recountering itself” and the world. “As I never tire of saying, Brazil is back. Our country is back to give our due contribution to face the world’s primary challenges,” he concluded.