Business : No Nation Should Have To Choose Debt Over Its People - PM Anwar

Prime Minister Anwar Ibrahim has called for a more equitable global financing system, asserting that no nation should be compelled to choose between repaying debts and fulfilling its commitments to its citizens. He emphasized that many developing countries are grappling with debt distress or are at significant risk of it, with some nations diverting more funds towards interest payments than towards education or healthcare.

At the conclusion of the 18th Brics Leaders Summit, Anwar, who serves as both Prime Minister and Finance Minister, reiterated that financing must be "fit for purpose," stressing that meeting basic needs and providing public services should not result in unsustainable debt. He also underscored the potential of commercial capital, when utilized under sound and sustainable conditions, and advocated for progress on initiatives like the New Development Bank, local currency settlement mechanisms, and the potential of Islamic capital markets.

Anwar urged countries to address unfair trading practices and share development experiences, technical cooperation, and training in emerging sectors such as semiconductors and artificial intelligence. Regarding the transition to a greener economy, he proposed that countries should be able to advance at their own pace and along paths suited to their unique circumstances and development stage, such as investing in carbon capture, utilisation, and storage technologies.

Anwar highlighted the strategic importance of Brics, touting its expansive integrated market as a source of opportunities for trade diversification, which could aid member economies in reducing their over-dependence on traditional Western markets. He noted that the synergies created within Brics could spur economic growth and shared prosperity.

Turning to West Asia, Anwar stressed that inclusive growth and prosperity cannot be discussed while war exacerbates energy prices and jeopardizes vital sea lanes. He reiterated Malaysia's stance that sovereignty must be respected, civilians must be protected, and global commerce must remain untainted by conflict. He further urged those in a position to influence the situation to bear a responsibility to prevent further escalation.

Anwar expressed hope that Brics would unequivocally declare that "occupation, settler colonialism, or 'settler terrorism' cannot become destiny, and no life weighs less depending on where it occurs." He underscored that strategic autonomy for Malaysia means the freedom to choose one's path and the courage to uphold that choice, even when faced with adversity. As a Partner Country, Malaysia sought to contribute in this spirit.