The Minister of Economy of the Nation, Martin Guzman, participated this Wednesday in a meeting organized by the G-20 in Washington DC, USA. During his exposition, the owner of the Palacio de Hacienda claimed by way of urgent a “better international system to solve the crisis of unsustainable debts“And thus address the” ethical problem of inequality”.
“Inequality is an ethical problem because it depends on the people with the power to change the rules that led to the current situation,” Guzmán considered in a new Meeting of Finance Ministers and Central Bank Presidents of the G-20, where he referred to the need to move towards a better international financial architecture, as reported NA.
There, the national official also highlighted the importance of improving global public goods to address the most difficult challenges of these times. At the same time, he considered it necessary to ensure an equitable recovery of the countries after the shock of the coronavirus pandemic; address the situation of inequality; and the problem of climate change.
In this sense, Guzmán argued that “inequality damages the functioning of the economic, social and political system, but it is not only an economic, social and political problem, it is also an ethical problem because it depends on the people with the power to change the rules that led to the current situation ”.
Based on this idea, he highlighted the process of restructuring Argentina’s debt with the International Monetary Fund (IMF) and stated: “We need a better international system to resolve unsustainable debt crises,” while stressing the importance of “moving forward towards a better international financial architecture that addresses all these challenges ”.
“We need a better financing system for development,” Guzmán appealed, and expressed Argentina’s support for the creation of the Resilience and Sustainability Fund within the framework of the IMF to provide long-term financing for low- and middle-income countries.
Regarding this last point, he argued that the global crisis due to Covid-19 “showed how interconnected the world is and the importance of multilateralism in an interconnected world.” In this way, the Minister of Economy concluded that the pandemic “had implications for economic policy and made visible the need for a multilateralism with adaptability capacity.”