BRICS Bank Chief Advocates for Uruguay’s Membership During Montevideo Talks
During a meeting in Montevideo on December 27, former Brazilian President Dilma Rousseff encouraged Uruguay to join the BRICS New Development Bank, underscoring the favorable lending conditions offered by the institution in contrast to the IMF’s terms. While the membership process is nearing completion, President-elect Yamandú Orsi expressed a desire for collaboration with the NDB without pursuing full BRICS membership.
In recent discussions held on December 27, former Brazilian President Dilma Rousseff, now chair of the BRICS New Development Bank (NDB), advocated for Uruguay’s membership in the institution during a meeting with President-elect Yamandú Orsi. Rousseff asserted that Uruguay is ideally suited to receive credit from the NDB, emphasizing the institution’s advantageous lending conditions, particularly in contrast to the International Monetary Fund’s (IMF) terms, which often impose stringent macroeconomic prerequisites.
Rousseff noted that the membership process for Uruguay is nearly finalized, having received the approval of the NDB’s board of governors; remaining institutional endorsements, including from Congress, are still necessary. The NDB is pursuing a strategic expansion beyond its original BRICS member states, with Rousseff stating the significance of Uruguay’s participation as they broaden their focus to include additional countries in Latin America as well as regions such as Central and South Asia and the Middle East.
During the meeting, President-elect Orsi expressed interest in engaging with the NDB while delineating Uruguay’s intention not to pursue membership in the BRICS bloc, following the recent shift in Argentina under President Javier Milei. Orsi articulated that while specific loans were not the priority, there was a desire to establish a collaborative framework with the NDB. He indicated that his administration would also seek to maintain relationships with traditional financial institutions, such as the Inter-American Development Bank.
Orsi characterized the current global landscape as complex, underscoring the need to recognize opportunities for financing and resource acquisition, which should not be disregarded in navigating the challenges that lie ahead. Key representatives from Orsi’s forthcoming cabinet, including incoming Presidential Secretary Alejandro Sánchez, participated in these pivotal discussions.
The BRICS New Development Bank, established by the BRICS nations—Brazil, Russia, India, China, and South Africa—aims to support sustainable development in emerging economies. Recently, the bank has sought to increase its influence by expanding membership beyond its founding states, with South American countries like Uruguay being targeted for integration. This strategy is intended to enhance financial cooperation and provide alternative funding sources to nations traditionally reliant on Western-led institutions, such as the IMF.
The discussions between former President Dilma Rousseff and President-elect Yamandú Orsi highlight Uruguay’s potential role in the BRICS New Development Bank as it seeks to diversify its financial partnerships. While there is encouragement for Uruguay’s membership, Orsi remains cautious about joining the BRICS bloc itself, emphasizing a broader search for financing solutions amid global economic complexities. The outcome of these negotiations will be pivotal for Uruguay’s future economic strategies and its integration into new financial frameworks.
Original Source: www.intellinews.com
