MOSCOW 

The head of the economic bloc BRICS New Development Bank, former Brazilian President Dilma Rousseff on Thursday urged to focus on the formation of a multipolar economy.

Speaking at a meeting with Russian President Vladimir Putin in St. Petersburg, Rousseff said the "Global North" failed to address humanity's global problems, asserting that a multipolar economy is better equipped to withstand global shocks and crises.

"We are a different bank, created by the countries of the Global South for the countries of the Global South. We cannot dictate conditions for our members," Rousseff said.

She emphasized that a multipolar economy is essential for achieving true multipolarity, and contributing to its establishment is one of the BRICS New Development Bank's goals.

Rousseff highlighted the importance of national currencies in a multipolar world, noting that another of the bank's commitments is to facilitate settlements in national currencies.

"This is crucial for developing countries that lack strong currencies and suffer from exchange rate volatility," she said.

Putin praised Rousseff's leadership at the bank, noting that under her chairmanship, the bank showed a significant net profit for the first time.

He invited Rousseff to discuss the bank's further development and to explore joint initiatives, including through the St. Petersburg International Economic Forum (SPIEF).

SPIEF, held annually in June since 1997, is supported by the president of the Russian Federation and organized by the Ministry of Economic Development.

The forum gathers leading global politicians and businesspeople to identify and deliberate on key challenges facing Russia, emerging markets, and the world, aiming to establish frameworks for common solutions.