The leader of BRICS New Development Bank calls for emphasis on ‘multipolar economy’ for the creation of a multipolar world

During a recent meeting in St. Petersburg with Russian President Vladimir Putin, former Brazilian President Dilma Rousseff emphasized the importance of forming a multipolar economy. She criticized the Global North for failing to effectively address global problems and argued that a multipolar economy is better suited to withstand crises.

Rousseff, who now heads the BRICS New Development Bank, highlighted the goals of the bank, which was created by and for countries of the Global South. She stressed that the bank does not dictate conditions for its members and instead focuses on facilitating settlements in national currencies, especially for developing countries that lack strong currencies and suffer from exchange rate volatility.

Putin commended Rousseff’s leadership at the bank and invited her to discuss its further development and explore joint initiatives. The two leaders also discussed participating in the St. Petersburg International Economic Forum (SPIEF), an annual event since 1997 supported by the Russian president and organized by the Ministry of Economic Development. The forum aims to establish frameworks for common solutions and foster international cooperation on economic issues.

By Sophia Gonzalez

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