Fernandez asked for "cease-fire" in Ukraine and a new financial architecture

Fernandez asked for "cease-fire" in Ukraine and a new financial architecture

Fernández stressed that the conflict between kyiv and Moscow is a “tragedy” that affected trade flows and logistics. Photo: Presidency

President Alberto Fernández cried out this Monday, in his first speech at the G7 summit held in Germany, for the need for “dialogue” to reach a “cessation of hostilities” between Russia and Ukraine, while advocating “for the construction of a new international financial architecture that includes the peripheries of the world”.

The president, after thanking the invitation to the forum, He pointed out that his presence in the G7 is on behalf of Argentina but also in his capacity as president pro tempore of the Community of Latin American and Caribbean States. (Celac), a space that he described as “a forum for dialogue and agreement that represents 650 million inhabitants.”

Fernández’s speech centered on the war in Ukraine and on a necessary remodeling of the financial system so that “efforts are balanced and the benefits are distributed with equity criteria.”

Regarding the war, he recalled that the “Argentina condemned the invasion of Ukraine by the Russian Federation” and called for “full adherence to all the principles of multilateralism” to achieve “the peaceful settlement of disputes and with full respect for human rights.”

“From the beginning we demanded the cessation of hostilities. Now we need to promote dialogue between the parties involved. History shows that each conflict ended, with agreements reached on the basis of concrete initiatives. Let us now take the initiative in pursuit of peace Let’s do it before it’s too late,” he cried.

Fernández stressed that the conflict between kyiv and Moscow is a “tragedy” that affected trade flows and logistics, “already seriously damaged during the pandemic”, now reaching “a critical point”.

“The seas are militarized. War promotes spending on weapons to the detriment of investment in proteins, health or education that humanity so badly needs,” he added.

Fernández reminded those present that exactly 75 years ago, on June 27, 1947, “the Paris conference began that paved the way for the Marshall Plan that helped Europe recover after World War II.” and stressed that Latin America never had an aid mechanism of this magnitude.

“In Latin America and the Caribbean we do not dream of a new Marshall Plan. We never had one. But we dream of a new international order where efforts are balanced and advantages are distributed with equal criteria. We dream of not being discriminated against by the central world and condemned to marginality and oblivion,” he said.

In order to face current challenges -including environmental, health, energy and financial problems- the head of state advocated “for the construction of a new international financial architecture that includes the peripheries of the world.”

Fernndez pointed out that his presence in the G7 is on behalf of Argentina but also in his capacity as president pro tempore of CELAC Photo Presidency
Fernández pointed out that his presence in the G7 is on behalf of Argentina but also in his capacity as president pro tempore of CELAC. Photo: Presidency

Fernández then spoke about the Special Drawing Rights (SDRs) issued by the International Monetary Fund, mechanism that Argentina was unable to use for post-pandemic reconstruction since it had to refer them for the payment of interest on the debt acquired with that same body during the Presidency of Mauricio Macri.

“The channeling of SDRs through the Resilience and Sustainability Fund must be increased, including middle-income countries. They must not be instruments destined to increase the reserves of central banks that do not need them. They must have a social sense by capitalizing regional banks to finance infrastructure required for development that climate change also requires,” he said.

Also requested the review of the policy of surcharges charged by the IMF, a situation that Argentina also suffers due to the indebtedness of 2018: “They constitute an inadmissible penalty in the dramatic circumstances that we are experiencing today,” he warned.

Fernndez spoke about the Special Drawing Rights Photo Presidency
Fernández spoke about the Special Drawing Rights. Photo: Presidency

“Tax rights for large multinational corporations, especially in the digital economy; the global minimum tax as a means of implementing climate protection; and a new framework for the treatment of sovereign debts also require urgent implementation,” he added in the same vein. .

As he did on other occasions, Fernández said that tax havens “generate social hells” and constitute “an example of social injustice that postpones the right to sustainable and inclusive development.”

“It is a real scandal that future generations will not forgive us, the fact that the world budget for destructive weapons is increasing, while the world’s contributions to the Green Climate Fund have not yet been met,” he added.

The President finally stressed that “building a sustainable peace also means building a climate peace” since “without it” there will only be “an increase in forced migration and a decrease in economic productivity.”

Fernández gave this speech before the presidents, prime ministers and heads of Executive Powers of Germany, France, the United States, Japan, Italy, the United Kingdom, Canada, all those who make up the G7.

In addition to the Argentine president, the leaders of South Africa, Senegal, India and Indonesia attend as guests.



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