Lula Calls for New BRICS Payment Systems

Brazilian President Lula da Silva urges BRICS nations to develop alternative payment methods to enhance a multipolar financial system. During a digital summit address, Lula emphasizes the significance of the New Development Bank and highlights the bloc's role in global economic growth. He also calls for peace negotiations in conflict regions.

Brazilian President Luiz Inacio Lula da Silva has called on the BRICS nations to establish new payment methods among themselves, suggesting that the New Development Bank should serve as an alternative to what he describes as failing Bretton Woods institutions.

Speaking via video at the BRICS summit, Lula emphasized the need for a multipolar order to be evident in the international financial system, despite his inability to attend the summit in Russia due to a head injury. He stressed the urgency and technical soundness required for this discussion, emphasizing that it can no longer be postponed.

Lula highlighted the BRICS bloc's role in shifting from a context where emerging economies fund developed nations, underlining its importance in global economic growth. He reiterated calls for peace talks in conflicts involving Russia, Ukraine, and the Middle East, underscoring the group's growing influence in global politics.

(With inputs from agencies.)