Multilateral banking is the key to public finance: Ministry of Finance

Finance Minister José Antonio Ocampo assured that multilateral banks are key to financing governments, especially in middle-income countries.

In the context of the spring meetings of the International Monetary Fund (IMF) and the World Bank, Ocampo participated in the panel: Accelerating development in an time of global crises.

“We need bigger multilateral development banks. They have a crucial role to play,” said Minister Ocampo.

He argued that the stability of private finance also depends on these systems.

“The growth of the multilateral development system is essential and that also implies a capitalization of the World Bank, not only for private financing or climate change, but also for financing at the state or public level of middle-income countries,” he said. Ocampo in his speech.

He added that “tax cooperation, within the inclusive framework of the OECD, is also a positive step, but limited in terms of impact and effects.”

Ocampo said a more energetic push is needed in this international cooperation in the framework of the OECD and also in the United Nations, because last year the General Assembly approved a framework that will enable discussion of corporate auditing.




Source: El heraldo

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