The G20 must move forward with taxing the rich, says Haddad

The G20 must move forward with taxing the rich, says Haddad

She said on Friday that Brazil would take advantage of the presidency of the G20, a group of the 20 largest economies on the planet, to advance taxation of the richest of the rich, reform multilateral financial institutions and seek sustainable development (13). Finance Minister Fernando Haddad. He spoke in Marrakesh, Morocco, at an event parallel to the annual meeting of the International Monetary Fund and the World Bank.

“We urgently need to improve our international financial institutions, make the richest pay their fair share of taxes, address the debt problem in a growing number of countries in Africa, Asia and Latin America, and efficiently mobilize public and private resources in order to achieve the Sustainable Development Goals,” the minister said during a session G20 Finance Ministers and Central Bank Heads.

Haddad highlighted five main themes of the Brazilian G20 presidency: effective global coordination between economic and financial policies; reform of international financial institutions; Correcting inequalities in international taxation and combating tax evasion; Investments in concessions in low- and middle-income countries and renegotiations of the large debts of these governments; and partnerships between public and private capital for “just” environmental transitions.

Haddad said: “The Brazilian G20 presidency will soon propose clear priorities for each working group and task forces on the financial track, with the aim of translating this agenda into policies and tangible results, agreed upon by all G20 members.” The minister refuted allegations that it was difficult to implement the plans. He stressed that “failing to present such an agenda would be unrealistic, because it would mean compromising the legitimate aspirations of future generations.”

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The right time

According to Haddad, Brazil’s presidency of the G20 came at the right time, as the country resumes the tradition of promoting dialogue and seeking consensus between countries from the most different groups. The minister also discussed the internal scenario. “In 2023, we will put our house in order after a turbulent few years,” he said. Haddad highlighted a range of measures that have been implemented since the beginning of the year, such as the new fiscal framework, progress on tax reform and other structural reforms.

“We have reduced deforestation, we have renewed and expanded internationally recognized social programmes, such as Bolsa Familia, and we have just launched an ambitious environmental transformation plan. Now, Brazil is ready to confront global challenges and promote a constructive and fruitful dialogue towards multilateralism in the 21st century.

On Friday, Haddad held bilateral meetings with the Deputy Secretary-General of the United Nations, Amina J. Mohammed; With UNDP Executive Director Achim Steiner; And with World Bank President Ajay Banga. Haddad also met with the finance ministers of Indonesia, the United Kingdom and Portugal.

The Minister and President of the Central Bank, Roberto Campos Neto, participated in the session of finance ministers and heads of central banks of the G20, a group of the 20 largest economies on the planet. On Saturday (14), the two sides will conclude their commitments in Morocco during the plenary session of the International Monetary and Financial Committee, an advisory body to the Board of Governors of the International Monetary Fund.

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