Head of BRICS New Development Bank stresses importance of ‘multipolar economy’ for creating a multipolar world

Former Brazilian President Dilma Rousseff Advocates for Multipolar Economy During Meeting with Russian President Vladimir Putin

In a meeting with Russian President Vladimir Putin in St. Petersburg, former Brazilian President Dilma Rousseff, who now heads the economic bloc BRICS New Development Bank, emphasized the importance of forming a multipolar economy. Rousseff argued that the “Global North” has failed to address global problems and that a multipolar economy is better equipped to withstand global shocks and crises.

During her speech, Rousseff highlighted the BRICS New Development Bank’s commitment to not dictate conditions for its members and pointed out that it was created by countries of the Global South for countries of the Global South. She also stressed that national currencies are essential in a multipolar world, and the bank is committed to facilitating settlements in national currencies to help developing countries that lack strong currencies and suffer from exchange rate volatility.

Putin praised Rousseff’s leadership at the bank, noting the significant net profit achieved under her chairmanship. He invited Rousseff to discuss further development of the bank and explore joint initiatives through the St. Petersburg International Economic Forum (SPIEF), which gathers global politicians and businesspeople annually since 1997 to identify key challenges and establish frameworks for common solutions for Russia, emerging markets, and the world.

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