BRICS Bank Chief Advocates for Uruguay’s Membership in Montevideo Discussions

Dilma Rousseff urged Uruguay to join the BRICS New Development Bank during talks with President-elect Yamandú Orsi, highlighting favorable lending terms. Uruguay’s membership is nearly finalized pending legislative approval. While Orsi expressed interest, he clarified that Uruguay would not pursue full BRICS membership. He emphasized the importance of exploring various financing opportunities in a complex global landscape.

During discussions in Montevideo on December 27, former Brazilian President Dilma Rousseff, now the chair of the BRICS New Development Bank (NDB), encouraged Uruguay’s membership in the bank to President-elect Yamandú Orsi. Rousseff underscored that the NDB offers more favorable lending terms compared to the conventional financing from the International Monetary Fund (IMF) by stating, “Uruguay is perfectly positioned to be given credit.” The ongoing membership process is nearly finalized, pending legislative and institutional approvals.

Rousseff expressed the significance of Uruguay’s inclusion in the NDB, emphasizing the institution’s strategic aim to expand beyond BRICS founding countries. She noted that this expansion also targets nations in Central Asia, South Asia, the Middle East, and other regions in Latin America, articulating that the bank values the participation of Uruguay. While Orsi showed interest, he made clear that Uruguay does not intend to pursue full BRICS membership unlike Argentina, which recently exited the bloc under President Javier Milei.

Orsi highlighted the necessity of countries in the Global South to collaborate in a rapidly changing world, reflecting on the advantages offered by the NDB. He also indicated that Uruguay would continue engaging with traditional lenders, including the Inter-American Development Bank, to secure financial support, stating, “Today’s world is complex and opportunities for resources, financing, and support should not be overlooked.” This meeting, attended by key members of Orsi’s future cabinet, illustrates Uruguay’s strategic approach towards optimizing financial resources in a competitive global environment.

The BRICS New Development Bank was established by the BRICS nations—Brazil, Russia, India, China, and South Africa—to provide funding for development projects and promote economic cooperation among emerging economies. It aims to offer an alternative to Western financial institutions like the IMF, which often attach stringent conditions to their loans. Uruguay’s potential membership indicates a broader strategy for the NDB to strengthen its influence and outreach, particularly in Latin America, amid shifting geopolitical landscapes.

In summary, the talks between Dilma Rousseff and Yamandú Orsi illustrate the potential for Uruguay’s membership in the BRICS New Development Bank, which is nearing approval. The NDB’s offer of favorable lending terms without macroeconomic conditions presents an appealing alternative to traditional lenders. Furthermore, Orsi’s administration is focused on exploring all available avenues for financial support as it prepares to take office amidst economic complexities.

Original Source: www.intellinews.com