:strip_icc()/i.s3.glbimg.com/v1/AUTH_1f551ea7087a47f39ead75f64041559a/internal_photos/bs/2023/h/P/hOQHmGSRCoUjaA5WH1Gw/haddad3.jpg "The Minister of Finance heads to Japan to attend the upcoming G7 meeting with Lula’s participation in the Rich Countries Club | Economy")
Finance Minister Fernando Haddad left this evening, Monday (8), for Japan, where he will go to participate in the meeting of the Group of Seven, the group consisting of the six largest Western economies (the United States, Canada, France and Germany). UK, Italy) and Japan. China, the second largest economy on the planet, is not part of the Group of Seven.
Haddad will participate as a guest in the meeting of G7 finance ministers, but he will not be the only representative of emerging countries. The meeting will also be attended by the ministers of India and Indonesia.
The meeting precedes the meeting of the leaders of the member states of the Club of the Rich, scheduled for the next 19th, also in Japan, which will be attended by Brazilian President Luiz Inacio Lula da Silva.
No Brazilian head of state has been invited to the G7 since 2009, when Lula himself was president and the world was going through a global financial crisis stemming from the bankruptcy of Lehman Brothers in the US the previous year.
In addition to the President of Brazil, the Government of Japan invited leaders from other countries to the meeting: Australia, India, Indonesia, South Korea, Vietnam, the Comoros and the Cook Islands.
Haddad’s participation in the meeting that precedes the heads of state is the first for a Brazilian minister in this group. Because of the long distance and time difference, Haddad is only supposed to land in Tokyo on Wednesday afternoon. On Thursday, he will travel from the Japanese capital to Niigata, where the meeting will take place.
On the same day, he will hold a private meeting with US Treasury Secretary Janet Yellen, who leads the world’s largest economy. According to the Brazilian Ministry of Finance, one of the topics they will address is the potential reform of the World Bank, a multilateral organization focused on financing development projects in the world.
Haddad should also discuss with her the current state of the global financial system, which has been shaken by the difficulties facing US regional banks such as Silicon Valley.
On Friday, Haddad is scheduled to meet economist Joseph Stiglitz, a 2001 Nobel Prize winner in economics, who was recently in Brazil to participate in a BNDES symposium on public accounts.
The Brazilian minister will also hold a bilateral meeting with Indian Economy Minister Nirmala Sitharaman, who will also attend the meeting as a guest. Brazil and India are members of the BRICS and G20 groups. Haddad is also expected to meet privately with Japanese Finance Minister Yasutoshi Nishimura.
According to Haddad’s portfolio, there will be a committee in the meeting of ministers of the largest economies in the world to specifically discuss the macroeconomic situation of emerging countries. At this meeting, he intends to present his plan to approve a new fiscal framework to replace Brazil’s spending cap and tax reform.
Haddad returns to Brazil on Saturday and is scheduled to arrive in Sao Paulo on Sunday morning.
Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.