CELAC will propose the creation of a Southern Monetary Fund

The Minister of Foreign Affairs and Human Mobility, Ricardo Patiño, said that in the Third Summit of the Community of Latin Americanand Caribbean States (CELAC), in which Ecuador will assume the pro tempore presidency, four areas of work will be proposed.

The first point is related to the reduction of extreme poverty. It is expected that in five or ten years it will be reduced to 5%. As a second axis, is the new international financial architecture. On this, Patiño said there is already the Compensation Payment System (Sucre), in theAlba, as well as the South Bank from seven South American countries; this will be fundamental to the development and financing of regional integration projects. To do this, it is expected to create the Southern Monetary Fund.

The remaining two axes refer to the development of science and technology; and road, productive and energetic infraestructure.

The summit will be held in Costa Rica, on 28 and 29 of January.