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Discrimination in Loans to Developing Countries: Brazilian President Lula da Silva Highlights High Interest Rates

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Brazilian President Calls Attention to Discrimination in Loan Provision

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Brazilian President Luiz Inacio Lula da Silva highlighted the discrimination in the distribution of loans to countries, emphasizing that developing nations receive loans at significantly higher interest rates.

Loans to Developing Countries at Much Higher Interest Rates, Says President

In a video speech during the BRICS summit in Johannesburg, President Lula da Silva revealed that developing nations are burdened with loans carrying interest rates seven times higher than those offered to other countries.

President Lula da Silva also held the West accountable for the emissions issue, stating that “former colonial countries bear a responsibility to the international community and humanity in addressing the serious problem of emissions.”

BRICS Summit Commences in South Africa

The BRICS summit, which began in South Africa and will continue until the 24th of the month, focuses on strengthening economic and trade ties among member states and exploring the possibility of new member nations joining.

Source: RT

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