Former Brazilian President Dilma Rousseff, who now heads the economic bloc BRICS New Development Bank, emphasized the importance of focusing on the formation of a multipolar economy during a meeting with Russian President Vladimir Putin in St. Petersburg. Rousseff highlighted that the “Global North” has failed to address global problems and asserted that a multipolar economy is better equipped to withstand global shocks and crises. She pointed out that the BRICS New Development Bank was created by the countries of the Global South for the countries of the Global South, with a commitment to not dictate conditions for its members.
Rousseff emphasized that a multipolar economy is essential for achieving true multipolarity, and one of the goals of the BRICS New Development Bank is to contribute to its establishment. She stressed the importance of national currencies in a multipolar world and noted that the bank is committed to facilitating settlements in national currencies to help developing countries that lack strong currencies and suffer from exchange rate volatility.
Putin praised Rousseff’s leadership at the bank, noting the significant net profit achieved under her chairmanship. He invited Rousseff to discuss the further development of the bank and explore joint initiatives, including through the St. Petersburg International Economic Forum (SPIEF). SPIEF, held annually since 1997, gathers global politicians and businesspeople to identify and deliberate on key challenges, aiming to establish frameworks for common solutions for Russia, emerging markets, and the world.
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