NEW YORK — Brazilian President Luiz Inacio Lula da Silva sharply criticized the terms of financial aid provided by wealthy nations to developing countries, describing them as a “Marshall Plan in reverse” during his speech at the 79th session of the United Nations General Assembly.
According to Burkina Information Agency, President Lula highlighted the stringent conditions attached to financial aid that, he argues, hinder the economic independence and growth of lower and middle-income nations. He detailed how the current system imposes a heavy debt burden on these countries, severely limiting their ability to invest in essential public services such as health and education. Lula pointed out the disparity in borrowing costs, noting that African countries face interest rates significantly higher than those of developed countries like Germany and the United States.
The Brazilian leader further stressed the need for greater involvement of emerging countries in the governance of major global financial institutions such as the International Monetary Fund and the World Bank. He argued that this would lead to more equitable financial practices and support the development agenda of poorer nations more effectively.