The BRICS New Development Bank has marked its fifth anniversary as the world continues to tackle to coronavirus pandemic with hopes the bank can play a role in the global recovery.
BRICS nations: Brazil, Russia, India, China and South Africa are some of worst affected by the global pandemic.
Vice President and Chief Financial Officer of the New Development Bank, Leslie Maasdorp, says a new social contract is needed in order to assist economies to rebuild and move forward after COVID-19.
“What is required now is a new social contract; a new deal. There is no way we can move forward on the basis of what the economy was before COVID-19. Economic growth cannot just be growth at all costs, we have to begin to grow the economy in such a manner that we deal with inequality. Our growth has to be more inclusive so the nature of economic growth, having more quality growth, invest in equality is part of that new social contract.”
In the video below, Maasdorp elaborates on his views:
The BRICS Vice President’s call for a new social contract echoes that of UN chief, Antonio Guterres.
Delivering the Nelson Mandela Lecture on Saturday, Guterres said the world needs reformed global institutions so that all nations – including developing countries – can prosper.
Guterres says the world needs an inclusive model of governance.
“An opportunity to build back a more equal and sustainable world. The response to the pandemic, and to the widespread discontent that preceded it, must be based on a New Social Contract and a New Global Deal that create equal opportunities for all and respect the rights and freedoms of all. This is the only way that we will meet the goals of the 2030 Agenda for Sustainable Development, the Paris Agreement and the Addis Ababa Action Agenda agreements that address precisely the failures that are being exposed and exploited by the pandemic,” Guterres said.
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