Don’t leave nations stuck between debts and the people, Anwar tells summit

Prime Minister Anwar Ibrahim spoke at the BRICS summit in New Delhi about the need for a more equitable global financing system. He warned that no country should be compelled to choose between repaying debts and fulfilling their obligations to their citizens. Anwar emphasized that numerous developing nations are grappling with debt distress or face imminent peril, with some allocating a larger portion of their budgets to interest payments than to education or healthcare.

The Malaysian leader, who serves as both Prime Minister and Finance Minister, stressed that financial assistance must be purposeful and that countries should not be left with unsustainable debt burdens while meeting basic needs and providing essential services. He also acknowledged the importance of commercial capital when used responsibly and called for advancements in initiatives like the New Development Bank, local currency settlement methods, and the potential of Islamic financial markets.

Anwar called for tangible steps to eliminate unfair trade practices and advocated for sharing development knowledge, technical assistance, and training in emerging sectors such as semiconductors and artificial intelligence.