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Monday, August 17 de 2020

Statement on the presidential election of the Inter-American Development Bank

Since its foundation in 1959, the Inter-American Development Bank (IDB) has played an essential role in the region. The IDB facilitates access to financial resources and also contributes to the development and implementation of effective and sustainable public policies that foster progress and improved quality of life for the people in our region.

The Republic of Chile is a founding member of the institution and has participated actively since its inception. The IDB´s first president was Felipe Herrera, a Chilean national.

The COVID-19 pandemic has had an unprecedented impact worldwide. Its effects so far have had greater intensity in Latin America and the Caribbean. As has been the case for the last months, we expect the governments in the region will continue to focus their efforts in responding to this emergency by implementing measures that mitigate the effects of the economic crisis on the population.

In this context, the Government of Chile considers it prudent to postpone the election of the IDB president scheduled for September of this year. Several former authorities and leaders in the region, as well as from other non-regional member countries, agree that a postponement of the election for the IDB president is the most prudent course forward.

An in-depth discussion about the IDB’s leadership, the global financial safety net, and the proper institutional setup to support the region´s development requires time and dedication on the part of the current regional authorities. We believe that this is not feasible in the current pandemic scenario.

Additionally, the postponement of the election would allow the IDB time to better define the role of the IDB in support of the post-COVID-19 recovery in the member countries, including talks regarding a capital increase for the institution.

Ignacio Briones R.
Minister of Finance & Governor of Chile to the IDB

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