Global South countries need a new payment system that enables them to achieve their development goals.

During the BRICS Summit held in the Russian city of Kazan, Venezuelan President Nicolas Maduro emphasized the need to create a new global financial system and to consolidate the BRICS development bank.

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In his speech, Maduro stressed the urgency of establishing a new economic agenda that offers concrete solutions to issues related to international trade and monetary exchanges.

“It’s not about making small reforms to the international monetary and financial system, which seems to resist reforms because colonial powers want to reimpose their hegemony through a dominant currency, debt, or the imposition of economic conditions,” he said.

In this regard, the Bolivarian leader emphasized that the countries of the Global South must move toward a new payment system to replace the prevailing mechanisms because these “sometimes become weapons to attack Venezuela.”

Maduro recalled that his country was excluded from all international payment systems as part of the economic sanctions through which the United States and its allies have been trying to force a change of government in Venezuela.

The Bolivarian leader also proposed the creation of a basket of currencies that combines the strong currencies of superpowers with each nation’s right to have its own currency.

This measure is crucial to advancing toward a new inclusive economy, in which independent countries can aspire to achieve social happiness and dignity.

The Venezuelan president concluded his speech by calling for practical solutions to the challenges of global economic development, insisting on the need for a profound transformation that would allow nations of the South to access investments and prosper fairly on the international stage.

teleSUR/ JF Sources: teleSUR – Sumarium

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