Anwar: No country should have to choose between repaying debt and caring for its people

Prime Minister Anwar Ibrahim urged for a more equitable global financing system during the 18th Brics Leaders Summit, emphasizing that no nation should be compelled to choose between meeting debt obligations and fulfilling their responsibilities to citizens. According to Anwar, many developing countries are grappling with debt distress or are at grave risk, spending more on interest payments than on vital services like education and healthcare.

He delivered this statement at the National Statement on Shaping the Future for Inclusive Global Growth. As the Finance Minister, Anwar stressed the importance of "fit-for-purpose" financing, ensuring that meeting basic needs and providing public goods should not lead to unsustainable debt levels. He also advocated for the positive use of commercial capital under sound and sustainable terms, as well as progress on initiatives such as the New Development Bank, local currency settlement mechanisms, and Islamic capital markets.

Anwar called for countries to address unfair trading practices and share experiences from their development journeys, particularly in emerging fields like semiconductors and artificial intelligence. Regarding the green transition, Anwar recognized that countries must transition at their own pace and along paths suited to their circumstances and stages of development.

He stressed the need for investment in technologies such as carbon capture, utilization, and storage. Anwar also highlighted Brics as a significant geo-economic entity, capable of providing crucial advantages and opportunities for trade diversification, thereby reducing reliance on traditional Western markets. He emphasized the importance of respecting sovereignty, protecting civilians, and maintaining global trade routes amidst ongoing conflicts.

Anwar further emphasized that Malaysia hopes Brics will unequivocally condemn occupation, settler colonialism, and "settler terrorism," while acknowledging that strategic autonomy implies the freedom to choose one's path and the courage to uphold that choice when it matters.