BRICS summit: What came out of the New Delhi meeting

Prime Minister Anwar Ibrahim called for a more equitable global financing system during the BRICS summit in New Delhi today, warning that no nation should be forced to decide between repaying debts and meeting the needs of its citizens. The Malaysian leader, who also serves as the country's finance minister, highlighted the plight of many developing countries grappling with debt distress, noting that some were allocating more resources to interest payments than to essential services like education and healthcare.

Anwar stressed that financing must be "fit for purpose," emphasizing that countries should not be burdened with unsustainable debt while fulfilling their duties to provide basic needs and public goods. He also advocated for the responsible use of commercial capital, urging the adoption of sound and sustainable terms. Furthermore, Anwar emphasized the importance of progress on initiatives such as the New Development Bank, local currency settlement mechanisms, and the potential for Islamic capital markets.

In addition, he encouraged participating nations to take concrete steps to eliminate unfair trading practices and to share development experiences, technical cooperation, and training in emerging fields like semiconductors and artificial intelligence.