Argentina will ask the BRICS Bank for help

A delegation from Argentina is in China.

The Minister of Economy, Sergio Massa, the president of the Central Bank, Miguel Pesce, the vice-chancellor Cecilia Todesca and Congressman Maximo Kirchner, son of Cristina Kirchner, is trying to obtain financial aid for the country.

The group is scheduled to meet with Dilma Rousseff, president of the BRICS Bank, in Shanghai.

Then the delegation will head to Beijing, where they have scheduled talks with the Chinese government.

Argentina is in a hurry to become a partner of the New Development Bank (NDB), the BRICS Bank, amid its current financial crisis.

The country has to join the institution to benefit from loans.

On Tuesday (30), the bank’s annual meeting starts.

Members begin to evaluate a possible membership of the South American country.

To become a partner of the BRICS Bank, a country must make a capital contribution.

But this is not an obstacle because the institution’s statute establishes that “the value of one share (US$100,000) will also be the minimum amount to be subscribed for the participation of a single country.

Argentina becoming a partner would not change much in the country’s economic situation.

The average projects financed by the BRICS Bank are around US$200 million, money that, even if destined for cash relief, would make no difference, given the size of Argentina’s liabilities.

The aid to Argentina is one of the flagships of President Luiz Inácio Lula da Silva, who is trying at all costs to save the left in the country.

Last week, the Brazilian president accused international financial institutions of not meeting the needs of developing countries.

“We want the Brics Bank to consolidate itself as a financing alternative,” he said.

With information from Revista Oeste

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