Dilma Rousseff, chair of the BRICS New Development Bank, advocated for Uruguay’s membership in the NDB during talks with President-elect Yamandú Orsi. The membership process is nearly complete, pending final approvals. The NDB aims to expand its influence in Latin America and support developing nations without imposing strict conditions, even as Orsi clarifies Uruguay’s intent not to join the BRICS bloc.
Former Brazilian President Dilma Rousseff, who presides over the BRICS New Development Bank (NDB), has advocated for Uruguay’s accession to the institution during discussions with President-elect Yamandú Orsi in Montevideo on December 27. Rousseff underscored that the NDB offers favorable lending terms compared to the International Monetary Fund (IMF), asserting, “Uruguay is perfectly positioned to be given credit.” The membership process is nearing completion, pending final approvals from legislative bodies and other institutions.
In her address, Rousseff indicated that Uruguay’s integration into the NDB is a significant step towards expanding the bank’s influence beyond its original BRICS member states. She stated, “For us, it is important that Uruguay participates in the bank,” emphasizing the NDB’s strategic objective to engage more countries in Latin America, alongside regions in Central Asia, South Asia, and the Middle East. Orsi, set to assume office on March 1, has indicated interest in joining but emphasized that Uruguay would not pursue BRICS bloc membership, diverging from Argentina’s recent withdrawal.
Orsi noted the NDB’s potential to support South American nations amid global economic challenges, stating, “Today’s world is complex and opportunities for resources, financing, and support should not be overlooked.” While he acknowledged the NDB’s support, he signaled that Uruguay would also explore avenues with traditional financial institutions like the Inter-American Development Bank. Alejandro Sánchez, the incoming Presidential Secretary, participated in the discussions alongside other members of Orsi’s future cabinet.
The BRICS New Development Bank (NDB) was established by Brazil, Russia, India, China, and South Africa as an alternative funding source to traditional institutions like the IMF and the World Bank. It aims to provide significant investment in development projects across emerging economies and promote economic growth through favorable lending conditions. Uruguay’s potential membership is aligned with the NDB’s goal of expanding its geographical reach and enhancing financial cooperation among developing nations, particularly in Latin America.
Uruguay is on the verge of becoming a member of the BRICS New Development Bank, which offers advantageous lending terms without imposing stringent macroeconomic conditions, unlike traditional lenders. As President-elect Yamandú Orsi prepares to take office, the focus will be on broadening collaborations within the NDB while also engaging with established financial institutions. This strategic move underscores Uruguay’s intent to secure diverse financial resources in an increasingly complex global financial landscape.
Original Source: www.intellinews.com
