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Cabinet officials

Uruguay's Minister of Economy Calls for Global Cooperation to Address Economic and Climate Challenges

Strategic Insights

— 1 min read

Uruguay's Minister of Economy Azucena Arbeleche emphasized the need for international cooperation to address the economic and climate challenges faced by the world. In a speech before the Development Committee (CD) of the World Bank (WB) and the International Monetary Fund (IMF, Arbeleche called for equal access to vaccines against COVID-19, working together to mitigate the effects of climate change, and promoting trade openness as a driver of economic growth. As the pandemic has made clear, the world community is united in this. Arbeleche will assume the presidency of the CD in November, becoming the first Uruguayan Prime Minister to hold the position.

Key Takeaways:

  • Minister Azucena Arbeleche emphasized the need for equal access to vaccines against COVID-19, particularly for developing countries, citing the "uneven pace" of the world's economic recovery.
  • Arbeleche warned that climate change is one of the greatest threats facing the world and emphasized the importance of international cooperation to address it.
  • The minister stressed the need for developed and developing economies to work together to reduce greenhouse gas emissions, protect biodiversity, and strengthen resilience to climate change.
  • Arbeleche emphasized the importance of public sector balances in post-pandemic recovery and highlighted the need for tangible actions to fulfill climate goals.
  • The minister proposed developing innovative instruments for financing governments that link loan costs with success in meeting climate objectives.
  • Arbeleche encouraged the use of collective intellectual capacity to promote technological advances and financial innovation in addressing climate change.
  • The minister emphasized the importance of trade openness, particularly for low and middle-income countries, in achieving sustainable development and creating jobs.

Statistics:

  • The Development Committee (CD) is made up of 25 members, usually finance ministers, representing all the member countries of the World Bank and the IMF.
  • The CD was established in 1974 with the mandate to propose an agenda of issues at the international level, represent all participants, promote consensus, and ensure compliance with the mandate.
  • The CD will meet again at the annual meetings of the World Bank and IMF to be held in April 2022 in Washington, with Minister Arbeleche as its chair.

Sources:

  • Euclid Infotech Pvt. Ltd. (2021)

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