{"id":88957,"date":"2024-05-21T10:01:40","date_gmt":"2024-05-21T13:01:40","guid":{"rendered":"https:\/\/murray.adv.br\/?p=88957"},"modified":"2024-05-21T10:01:42","modified_gmt":"2024-05-21T13:01:42","slug":"climate-crisis-to-recur-in-latin-america-with-high-toll-idb-says","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/climate-crisis-to-recur-in-latin-america-with-high-toll-idb-says\/","title":{"rendered":"Climate crisis to recur in Latin America with high toll, IDB says"},"content":{"rendered":"\n
Ilan Goldfajn defends shaping multilateral banks for emergencies<\/em><\/h6>\n\n\n\n

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05\/21\/2024<\/p>\n\n\n\n

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\"Ilan<\/figure>\n<\/div>\n\n\n

Ilan Goldfajn \u2014 Foto: Ana Paula Paiva\/Valor<\/em><\/p>\n\n\n\n

At the height of the disaster in Rio Grande do Sul, Ilan Goldfajn, the Inter-American Development Bank (IDB) president, visited Brazil and announced an aid package that could reach R$5.5 billion.<\/p>\n\n\n\n

In his view, the disaster reinforced the assurance that extreme weather events have become increasingly frequent. Therefore, in addition to the emergency action, it is necessary to shape multilateral banks to act in climate emergencies. Floods in Rio Grande do Sul or the major drought that hit Argentina and Uruguay last year are examples of how the entire region has been affected by climate events.<\/p>\n\n\n\n

The contingency structure includes three fronts: granting loan facilities, pausing loan payments in the face of moderate climate emergencies, and creating \u201ccatastrophe bonds,\u201d which involve debt waiver in extreme events.<\/p>\n\n\n\n

On another front, he says reconstruction work must increase resilience to climate events.<\/p>\n\n\n\n

Another topic that brought Mr. Goldfajn to the country is the IDB support for the Brazilian presidency of the G20, the subject of a meeting with Finance Minister Fernando Haddad.<\/p>\n\n\n\n

Coincidentally, the IDB currently leads a group of ten multilateral credit banks. An overhaul of these institutions\u2019 performance is among the themes promoted by Brazil. In April, this group of banks announced measures to act as a system. Among its goals is increasing funding by $300 billion to $400 billion over the next decade.<\/p>\n\n\n\n

The IDB wants to increase credit supply by $150 billion. One initiative in this area includes a request to the International Monetary Fund (IMF) so that countries\u2019 reserves in the institution may be used by multilateral banks.<\/p>\n\n\n\n

Initiatives by the Brazilian presidency at the G20 will also include the launch of a global pact against hunger and poverty. On this topic, according to Mr. Goldfajn, the IDB has a database gathering successful experiences in the area, such as the Brazilian cash-transfer program Bolsa Fam\u00edlia. The database also describes programs that were not as successful, knowledge that can be made available to the world, he said.<\/p>\n\n\n\n

Read below the main excerpts from the interview with Valor:<\/p>\n\n\n\n

Valor:<\/strong> You were in Brazil at the height of the disaster in Rio Grande do Sul. What did this disaster reveal?<\/em><\/p>\n\n\n\n

Ilan Goldfajn:<\/strong> It shows us that addressing the climate issue is a key priority. A development bank cannot ignore these impacts, which have many social consequences, including people being displaced, returning to poverty, losing income, and losing their properties. Many people lost their lives. Dramatic moments arise from extreme [climate] events, which, unfortunately, are becoming increasingly frequent.<\/p>\n\n\n\n

Valor:<\/strong> Do you see that happening in the region?<\/em><\/p>\n\n\n\n

<\/a><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong> Let me tell you a story. As I joined the bank, my feeling was that the climate impact could be seen in the Caribbean and Central America, with hurricanes and the islands being devastated. However, I wasn\u2019t so sure that would spread across the entire region. Since I joined, we have seen the worst drought ever in Uruguay and Argentina. There was a lack of water in Montevideo, which had never occurred before. Argentina lost $15 billion, although it didn\u2019t have huge dollar reserves. There have been major fires in Chile and a hurricane that devastated Acapulco, Mexico. These events will be recurring and will pose high tolls. Development banks have to prepare to help the region deal with that.<\/p>\n\n\n\n

Valor:<\/strong> How?<\/em><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong> There are two ways of doing so. One is in the medium term. Reducing emissions, using renewable energy, and working on our program Amazonia Forever. However, we also have to emphasize adaptation and physical and financial resilience.<\/p>\n\n\n\n

Valor:<\/strong> The Brazilian government is in talks with multilateral organizations to seek a structural solution to climate emergencies. How does that coincide with the IDB\u2019s agenda?<\/em><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong> We need to think about creating a contingency system that should be developed in advance to be prepared once the event occurs. Dividing the risk into three fronts. In major catastrophes, we offer debt waiver. In the intermediate events, we extend loan maturity. We have loan facilities that can be extended for two years. In minor events, we can offer loan facilities. We can act according to the extent of the catastrophe.<\/p>\n\n\n\n

Valor:<\/strong> Waiving the debt?<\/em><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong> We can work together with the state or federal government to issue catastrophe bonds. In other words, in the event of a catastrophe, we settle the debt.<\/p>\n\n\n\n

Valor:<\/strong> How about material losses?<\/em><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong> We will work on reconstruction in a resilient way. Putting in place an infrastructure that can better resist flooding or hurricanes.<\/p>\n\n\n\n

Valor:<\/strong> Could such instruments be used in Rio Grande do Sul or are they still being developed?<\/em><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong> We have to think structurally. What happened in Rio Grande do Sul could have an impact elsewhere. We need to organize for the future. Regarding Rio Grande do Sul, we will work according to two models.<\/p>\n\n\n\n

Valor:<\/strong> What would they be?<\/em><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong> We will allocate R$1.5 billion to things that are already in place, including loans to small and medium-sized companies, project relocation, humanitarian aid, and hiring staff to organize reconstruction. In addition, there will be another R$4 billion as a boost to the future of reconstruction in Rio Grande do Sul in a resilient way.<\/p>\n\n\n\n

Valor:<\/strong> You have declared your intention to increase available funds to countries by $150 billion over the next decade. How do you plan to get these funds?<\/em><\/p>\n\n\n\n

Mr. Goldfajn: <\/strong>The IDB recently approved three major changes. One is the capitalization of IDB Invest through a new model, totaling $3.5 billion. It doubles the funds by IDB Invest, our private-sector arm, designed to help companies.<\/p>\n\n\n\n

Valor:<\/strong> Does it include Rio Grande do Sul?<\/em><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong> We have just had a meeting with the BRDE [Far South Regional Development Bank ] about how we can help them. IDB Invest was among the topics we discussed. Part of the R$1.5 billion I mentioned includes loan facilities via BRDE. In addition, IDB Invest can help the BRDE. With greater liquidity and guarantees, it can increase leverage. Brazil is the IDB and IDB Invest\u2019s largest client. This capitalization is great news for the world and even better news for the region and Brazil.<\/p>\n\n\n\n

Valor:<\/strong> What is the second change?<\/em><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong>\u00a0An approval of $400 million for IDB Lab, which donates to startups. It is very important for Brazil.<\/p>\n\n\n\n

Valor:<\/strong> What about the third change?<\/em><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong> The approval of our new strategy for the future. These are relevant reforms, which increase our work\u2019s scale. That includes financial innovation, increasing leverage, and using our own funds in the best way. These are instruments to improve our balance sheet, such as the SDR [Special Drawing Rights, the IMF\u2019s \u201ccurrency\u201d]. There are also ways to increase the impact of our work, including selectivity, effectiveness, and development.<\/p>\n\n\n\n

Valor:<\/strong> In Brazil, you met with Finance Minister Fernando Haddad. What did you talk about?<\/em><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong> Rio Grande do Sul, environmental aid, and solidarity, were the main topics of my visit. Another subject was our role in the [Brazilian] G20 presidency. We are making a huge effort to support Brazil in the presidency. That includes a few implications. On the financial side, the Brazilian presidency intends to create a framework of reforms in multilateral banks. It wants to create a guidance. We are helping as we are a multilateral bank with experience in what is useful, and what is needed. We tap into our leadership of multilateral banks, which includes ten institutions, to agree on a joint reform plan. This is one side.<\/p>\n\n\n\n

Valor:<\/strong> What\u2019s the other?<\/em><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong> Brazil introduced a relevant topic on the agenda, which is the fight against hunger and poverty. And the country will launch the global alliance against hunger and poverty, a banner at the G20. At the IDB, we have been carrying out social programs to combat hunger and poverty for years. There are successful experiences, like Bolsa Fam\u00edlia and a program in Mexico, but there are also those that don\u2019t work. We have a database setting apart programs that have or haven\u2019t worked in Latin America. And we are making it available for the G20 presidency. We also addressed a very important program increasing climate funding by offering currency hedging.<\/p>\n\n\n\n

Valor:<\/strong> Does this hedging prepare Brazil to receive more investments?<\/em><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong> I think some areas are more prepared to receive investment, while others need improvement. Brazil and Latin America need to get ready to receive more investments. That is related to planning, but also to regulation, which includes defining the rules of the game and the appropriate business environment. A lot has been discussed in Latin America about public security and organized crime. And I\u2019m not just talking about Brazil. I\u2019m talking about the entire region. We have a major public security program in place in Ecuador.<\/p>\n\n\n\n

Valor:<\/strong> Are Brazil\u2019s macroeconomic weaknesses a hindrance to investments?<\/em><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong> Whenever I talk to investors, they say stability is a key factor for them. Economic stability, stability of rules, and stability in security. They seek our help dealing with the risk of excessive exchange rate depreciation, expropriation of concessions, or a rule change midway that completely changes the tax structure, for example.<\/p>\n\n\n\n

Valor:<\/strong> How do you see Brazil\u2019s macroeconomic situation?<\/em><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong> Brazil has stability. It has challenges, but it has macroeconomic stability. Thanks to the size of its reserves and because there is a Central Bank, a Ministry of Finance, and a Ministry of Planning and Financial Budgeting doing their jobs. Looking from the outside, we can see the forest: we see challenges, but we also see all that has been achieved in recent years.<\/p>\n\n\n\n

Valor:<\/strong> Valor promoted an event about the Interest for Education program, and Secretary of Treasury Rog\u00e9rio Ceron said the IDB will work on it. What other innovations is the IDB promoting in Brazil?<\/em><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong> Everything is changing. We can\u2019t go on with the same solutions we had before. We have to innovate. For decades, I faced the issue of exchange rate fluctuations and I know that can be a problem. However, for the first time, we are innovating and, if everything works well, we will increase investment in climate.<\/p>\n\n\n\n

Valor:<\/strong> How?<\/em><\/p>\n\n\n\n

Mr. Goldfajn:<\/strong>\u00a0By offering a currency hedging that makes investors feel more comfortable. We have been leaders in swap operations, with the debt-for-nature deal, Ecuador\u2019s big project. In Barbados, there was a debt-for-water swap, following a lack of water [in the country]. And we have debt-for-health projects in some countries. Under the Interest for Education program, we are offering our expertise. But everything is preliminary and yet to be defined.<\/p>\n\n\n\n

*Por Lu Aiko Otta\u00a0\u2014 Bras\u00edlia<\/p>\n\n\n\n

Source: Valor International<\/p>\n\n\n\n

\nhttps:\/\/valorinternational.globo.com\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"

Ilan Goldfajn defends shaping multilateral banks for emergencies 05\/21\/2024 Ilan Goldfajn \u2014 Foto: Ana Paula Paiva\/Valor At the height of the disaster in Rio Grande do Sul, Ilan Goldfajn, the Inter-American Development Bank (IDB) president, visited Brazil and announced an aid package that could reach R$5.5 billion. In his view, the disaster reinforced the assurance […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[25046,25047],"class_list":["post-88957","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-climate-crisis-to-recur-in-latin-america","tag-multilateral-banks-for-emergencies"],"yoast_head":"\nClimate crisis to recur in Latin America with high toll, IDB says - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/climate-crisis-to-recur-in-latin-america-with-high-toll-idb-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Climate crisis to recur in Latin America with high toll, IDB says - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Ilan Goldfajn defends shaping multilateral banks for emergencies 05\/21\/2024 Ilan Goldfajn \u2014 Foto: Ana Paula Paiva\/Valor At the height of the disaster in Rio Grande do Sul, Ilan Goldfajn, the Inter-American Development Bank (IDB) president, visited Brazil and announced an aid package that could reach R$5.5 billion. 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