No nation should have to choose debt over its people, says PM Anwar in BRICS summit
Malaysian Prime Minister Anwar Ibrahim advocated for a more equitable global financial system during the BRICS summit. He argued that developing nations should not be forced to choose between debt repayment and essential public services.
Why it matters
The speech highlights growing tensions between developing nations and international financial institutions regarding debt sustainability and economic sovereignty.
NEW DELHI: Prime Minister Datuk Seri Anwar Ibrahim has called for a fairer global financing system, saying no country should be forced to choose between repaying its debts and meeting its obligations to its people.
"Many developing countries were facing debt distress or were at serious risk of it, with some spending more on interest payments than on educating their young or caring for the sick.
"No nation should be forced to choose between honouring its debts and honouring its obligations to its people," he said in his speech at the National Statement on Shaping the Future for Inclusive Global Growth at the end of the 18th BRICS Leaders Summit here on Sunday (Sept 13).
Anwar, who is also the Finance Minister, said financing must be "fit for purpose", stressing that meeting basic needs and providing public goods should not leave countries with unsustainable debt.
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