London – The minister of Finance of Brazil, Guido Mantega, said on Wednesday (1st) that the G-20 should approve in today’s meeting (2nd), in London, England, the establishment of an international fund totalling US$ 1 trillion to aid the global economy.
Brazilian president Luiz Inácio Lula da Silva said that Brazil might loan money to the fund, if reserves are not affected. According to Mantega, Japan should turn US$ 100 billion to the fund. The same volume should be invested by the European Union. Norway should turn US$ 48 billion.
The minister made the declaration during the train trip of the presidential committee from Paris, France, to London, England, under the English Channel. The G-20 brings together the main global powers and should meet today, in London.
President Lula met French president Nicolas Sarkozy yesterday. They discussed the need for the G-20 meeting to find an efficient answer to the current global economic crisis. Sarkozy has been calling for the meeting to find an objective proposal for the modification of the global financial system.
"We want the world to advance and, if we join voices, if we advance together, we will be stronger," he said. Lula should also take to the G-20 meeting proposals like the reform of multilateral institutions, like the International Monetary Fund (IMF). He pointed out the importance of investment in the financial system being connected to the generation of jobs, a proposal that has already been taken by Brazil to the G-8 meeting.
The minister of Labour and Employment, Carlos Lupi, who represented Brazil in the meeting of ministers of Labour of the expanded G-8, presented the proposal. The G-8 meeting took place in Rome and the concluding document should be presented at the G-20 meeting.
*With information from the ANBA newsroom. Translated by Mark Ament
