Argentina advocates for new financial order at the G7 Summit

RIO DE JANEIRO, BRAZIL – The President of Argentina, Alberto Fernández, advocated on Monday for a “new international financial architecture that includes the peripheries of the world” in Germany’s framework of the first G7 plenary session.

As president pro tempore of the Community of Latin American and Caribbean States (CELAC), Fernández stressed the need for “a new international order where efforts are balanced, and advantages are distributed with criteria of equity”.

In this sense, the president rejected the International Monetary Fund’s (IMF) policy of surcharges, describing them as “an inadmissible penalty in the dramatic circumstances we live in today”.

Likewise, Fernández emphasized the importance of raising the IMF’s Special Drawing Rights to include middle-income countries, while he also bet on the social sense in the capitalization of regional banks.

At the same time, the head of state advocated the implementation of taxation rights for multinational corporations, the global minimum tax as a means of implementing climate protection, and a new framework for treating sovereign debts.

At the same time, he stressed that “tax havens generate social hells” while describing them as “an example of social injustice that postpones the right to sustainable and inclusive development”.

Finally, the Argentine president called attention to the fact that “the problem is not poverty” but “the economic system that generates it and allows wealth to accumulate in the hands of a few”.

Argentina is one of the emerging nations invited to the meeting of the leaders of what is considered the most important industrialized powers in the world, making Fernández the first Argentine president to attend the conclave.