Berliner Boersenzeitung - Lula rallies G20 countries against world hunger ahead of meeting

Finance ministers for grouping's member states will convene Thursday and Friday in the Brazilian metropolis, one of the final gatherings before the G20 summit takes place on November 18-19 in the same city.

The initiative, dubbed the Global Alliance against Hunger and Poverty, will seek to secure common financial resources to combat world hunger and replicate successful programs that have worked locally.

"The fight against inequality, the fight against hunger, the fight against poverty are all fights that cannot be done by one country," Lula told reporters Monday.

"It has to be done by all the countries that are willing to take on this historic responsibility."

The initiative is one of Lula's major priorities ahead of the G20 summit.

A recent report published by the Food and Agriculture Organization of the United Nations outlining the state of world hunger will be presented at the meeting to illustrate the scale of the endeavor.

- Billionaire taxation -

Aside from the world hunger initiative, the agenda for this week's meeting of G20 finance ministers will involve discussions of how to achieve another objective set by Brazil: figuring out ways to tax the ultra-wealthy.

The initiative, first discussed during a meeting in Sao Paulo in February, involves determining methodologies to tax billionaires and other high-income earners based on the work of French economist Gabriel Zucman.

However, talks have been highly contentious, and any forward progress is far from guaranteed.

US Treasury Secretary Janet Yellen opposed international negotiations of the subject during a G7 finance meeting held in May in Italy.

"We think that probably the most effective and impactful tax solutions in this space will almost certainly vary fairly widely across jurisdictions," a senior US Treasury official said.

The meeting will also discuss taxation of multinational corporations nearly three years after an agreement was signed to create a plan on the initiative.

Founded in 1999, the Group of 20 assembles 19 of the world's largest economic powers, as well as the European Union and the African Union.

The organization was originally focussed on global economic issues but has increasingly taken on other pressing challenges of the moment.

(L.Kaufmann--BBZ)