RIO DE JANEIRO, BRAZIL – President Jair Bolsonaro appealed to international financial organizations for more actions that support the efforts of South American countries “in a decisive and coordinated way” in tackling the Covid-19 pandemic and its social and economic effects. He participated today, March 16th, in the 6th Extraordinary Meeting of Presidents of the Forum for the Progress of South America (PROSUL).
“We consider that one of the great post-pandemic challenges will be to increase investment flows aimed at financing sustainable development in our region,” he said. “The action of sovereign states to mitigate the harmful impacts of Covid-19 on the economy and society has proven decisive. We have also relied on the fundamental support of international lending institutions allied to our cause,” the president stressed.
The president participated in the meeting by videoconference, from the Planalto Palace in Brasilia, joined by the Ministers of Foreign Affairs, Ernesto Araújo, and Economy, Paulo Guedes. During his speech, Bolsonaro also addressed Brazil’s challenge in attracting private investment to the Amazon and to infrastructure projects, concessions and public-private partnerships, in particular the Investment Partnership Program (PPI), “to boost Brazil’s development.”
“We have already made great progress, but we want to advance even further in areas such as transportation, logistics, and urban sanitation. I am also pleased to highlight the alignment of the IDB [Inter-American Development Bank] to these priorities in its strategy for Brazil for the 2019/2022 period. The bank has been a critical contributor to our efforts to make the Brazilian state more efficient and strengthen our business environment,” Bolsonaro said.
Sustainable development
The PROSUL meeting takes place just before the IDB’s annual meeting. The bank’s president, Mauricio Claver-Carone, also attended Tuesday’s videoconference.
President Bolsonaro also stressed that Brazil is determined to work toward promoting the Amazon region and South America’s sustainable development, “supported by free enterprise and economic openness.”
“I also note my enthusiasm with the structuring of the Amazon initiative, aimed at financing sustainable development in this region, and which is to be discussed in one of the parallel sessions of the IDB annual meeting. In 2019, Brazil sent the bank a proposal to create a fund not only for financing, but also for mobilizing private capital, aimed at boosting the tremendous potential of the Amazon bio-economy,” said the president.
Recovery measures
According to Bolsonaro, the Brazilian economy has already begun its path to recovery and the government is “firmly determined” to approve measures “that will enable the sustained growth of our economy in the coming years,” such as administrative and tax reforms, the new Bankruptcy Law, and the privatization of state-owned companies.
In addition, he said Brazil is also aiming to establish regulatory frameworks that strengthen legal security, improve the business environment, and expand investments in various sectors, such as oil and gas, road infrastructure, sanitation, and the bio-economy.
Bolsonaro also mentioned the problems caused by the suspension of productive activities and the impact of the pandemic on employment and income levels worldwide. He highlighted Brazil’s emergency aid program, directed at people in vulnerable situations, and the government’s spending on actions to mitigate the impact of the pandemic, equivalent to about 8.6% of the country’s Gross Domestic Product (GDP).
“Behind the statistics we stand in solidarity with the millions of families who, without the support of national governments, would lose their livelihoods, their food security, and their dignity as human beings,” the president said.
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