7 February 2010
Brazil and Argentina will present a proposal for reform of the Inter-American Development Bank at the next meeting of G-20 nations, Brazilian Finance Minister Guido Mantega said Friday, according to the Estado news agency.
-By Gerald Jeffris, Dow Jones Newswires; (5561) 3335-0832; gerald.jeffris@dowjones.com
BRASILIA (Dow Jones)--Brazil and Argentina will present a proposal for reform of the Inter-American Development Bank at the next meeting of G-20 nations, Brazilian Finance Minister Guido Mantega said Friday, according to the Estado news agency.
Speaking after a meeting with Argentine officials in Buenos Aires, Mantega said the IDB as it is currently administered has not well served the interests of Latin American countries.
"In our evaluation the IDB hasn't had a satisfactory performance for the region; it hasn't fulfilled its role for Latin American countries, and so we've decided to present a proposal that meets our countries needs," Mantega said.
In addition to promoting reform of the IDB, Mantega said the two countries were in agreement over a proposal for regulatory changes to the global financial system.
"We've already arrived at a common position on a proposal to take to the G-20 for advancing regulation of the global financial system, and that it should be coordinated among countries so that it is effective," Mantega said.
The next meeting of G-20 member finance ministry and central bank authorities is scheduled for Feb. 27-28 in Incheon, South Korea. That meeting will prepare for summits of G-20 leaders scheduled for June and November in Toronto and Seoul.