Brazil denounces “Marshall Plan in reverse” towards poor countries

The conditions of aid offered by rich countries to poor countries turn these initiatives into a "Marshall Plan in reverse," Brazilian President Luiz Inacio Lula da Silva said during the political debates of the 79th session of the UN General Assembly.'The conditions for access to financial resources remain excessive for the majority of countries with low and middle incomes. The debt burden limits the budgetary capacity to invest in public health and education, to reduce inequalities, to combat climate change. African countries borrow with interest rates up to eight times higher than Germany and four times higher than the United States. This is a Marshall Plan in reverse, because the poorest finance the richest,' he said.The Brazilian leader also said that emerging countries should participate more actively in the governance of the International Monetary Fund and the World Bank.Source: Burkina Information Agency