Guancha: What do you think would be a viable path for reforming the international financial architecture? This is quite topical recently, because China is negotiating with some Paris Club countries about how Zambia's sovereign debt is going to be restructured. This is seen as a major landmark or a major indicator of how future negotiations might go.
Correa:I think that's an important step. We need the restructuring also of the international financial institutions, we need to give them a different approach. For instance, in relation to distribution of SDRs, they have not reached the countries that actually need them.
We need to look at the dominance of the US dollar, which also is hurting many developing countries, as can be seen now with the depreciation of the currencies of many. This is a major challenge for developing countries on which they really need to work together, in order to be effective in changing the system. This is a major need for our countries to reform. A key factor of dependency of our countries is the financial system as it is today. And this needs to be changed.
Guancha: What are some of the practical proposals that you're looking into for either debt restructuring or de-dollarization?
Correa:Both of them. Debt restructuring is very important. We need to find the framework in order to do this in a manner that will help developing countries to overcome the current situation. The issue of de-dollarization is something that is coming, and we need to be prepared and to develop alternatives for that.
Guancha: What are some ways or proposals for achieving these 2 goals that seem practical, right now?
Correa: Well, we still need to develop this in a manner that a significant number of developing countries join the efforts. As I mentioned, the possibility of de-dollarization is one which is foreseeable in the future, in the case of China, for instance, now with the use of yuan, also in the case of the currency of India, which is being used in many other countries. There have been some discussions in the context of Latin America also to develop a common currency to engage in trade. These initiatives are quite important, and this may be one of the basis for changing the current system, which is not supportive of development efforts of our countries.