A group of approximately 30 organizations, including Plataforma CIPÓ, sent a letter this Friday (July 19) to the G20 finance ministers, urging them to demonstrate financial leadership for people and the planet. The document emphasizes that the upcoming G20 meeting in Rio de Janeiro is taking place at a critical time. Despite global growth and inflation indicators showing signs of stabilization after four years of overlapping crises, there is an alarming increase in global inequality for the first time in three decades.
The organizations highlight that while advanced economies are rebounding, many developing and vulnerable economies are facing a historic reversal. With one-quarter of developing countries expected to remain poorer than they were in 2019, before the pandemic, the letter calls on ministers to seize the historic opportunity to reform the international financial architecture.
The proposal includes mobilizing 2-3% of global GDP in additional investments for solutions that benefit people and the planet, reduce inflation, fight inequality, avert a worsening climate crisis, and achieve the sustainable development goals. Recommendations include support for the replenishment of the International Development Association (IDA) and the expansion of the use of Special Drawing Rights (SDRs) to finance emerging global challenges.
Photo: Paulo Pinto/Agência Brasil
