Fernández: “We have to think about a new international financial architecture” – Telam

President Alberto Fernández asked this Tuesday “think about a new international financial architecture” face the “triple pandemic crisis, climate change and debt that hits hard middle income countries like Argentina”, by participating in the high-level dialogue organized by the United Nations and the International Labor Organization (ILO).

In his message, the Argentinian president specifically called for “a pact that makes it possible to extend the terms of debt payment and the application of lower rates in the current circumstances of social, health, financial and ecological stress”, an idea that finds its echo in the ongoing negotiations that Argentina is leading with the International Monetary Fund.

Alberto Fernández called on the UN to “rethink a new international financial architecture”

The appeal was launched by Guterres, in collaboration with the ILO, under the auspices of the Financing for Development Initiative in the Age of Covid-19 and Beyond (FfDI)“

In this regard, and after recognizing that the IMF has taken such steps as unblocking the issue of $ 650,000 million in Special Drawing Rights and “opening the door to hope that must be heightened to cope the consequences of the pandemic “and” that barely a year ago, they were unthinkable “, he also stressed that” much remains to be done “.

Thus, through a recorded message, Fernández called for the elaboration of “a great global pact of solidarity, which includes low and middle income countries with high climatic, productive and financial vulnerability”, a point on which he has insisted in various fora such as the G-20, and felt that “the issues that occupied our agenda before the pandemic require new approaches and greater resources”.

“Global health, climate change and sovereign debt must be rethought on a global level,” said the head of state. in its presentation on “National and regional commitments to create decent jobs, extend social protection and support a just transition”.

Fernndez also reiterated his proposal and called for “to be creative with climate debt swaps”, “to give an in-depth discussion on the role of credit risk rating agencies and their methodologies of operation”, and ” to deepen the debate on the new Global Minimum tax, so that it quickly favors emerging economies and contributes to the deconcentration of wealth ”.

Although I consider that “G20 leaders have understood the gravity of the current crisis and have taken the first steps to deal with social and economic emergencies”, plant that “these measures are not enough” because “we must give a larger share to middle-income countries so that emerging economies can also benefit”.

In addition, President Fernández asserted that “it is time for an environmental multilateralism, which avoids any attempt to discriminate against the poorest countries with supposedly ecological barriers” and supported the promotion of “jobs 4.0 and the promotion of digital skills that will enable climate-related adaptation to labor markets and a socially inclusive recovery. “

In his speech, he also drew attention to the fact that “the world is already showing a two-speed recovery, which means that, once again, many will be left behind.”

“It is time for an environmental multilateralism, which avoids any attempt to discriminate against the poorest countries with supposedly ecological barriers”“

Alberto Fernandez

“We must take advantage of this crisis to emerge transformed. To lead a transition towards a more digital, resilient, sustainable and human-centered economy,” he concluded.

The meeting called by UN Secretary-General Antnio Guterres was also attended by Costa Rica’s first leaders Carlos Quesada; of Ecuador, Guillermo Lasso and the prime ministers of Belgium, Alexander de Croo, and of Egypt, Mostafa Madbouly.

They were joined by representatives from Nigeria, India, Bangladesh, Rwanda, El Salvador, Pakistan and the European Union.

According to the plan, the day will continue with the participation of other dignitaries to find concrete actions and recommendations that promote a people-centered and job-rich recovery, to extend social protection and invest in a just transition to inclusive and sustainable economies that can end poverty.