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.
He also highlighted the role of commercial capital when deployed on sound and sustainable terms, while calling for progress on initiatives including the New Development Bank, local currency settlement mechanisms and the potential of Islamic capital markets.
The Prime Minister urged countries to take concrete action to dismantle unfair trading practices and share development experiences, technical cooperation and training in emerging fields such as semiconductors and artificial intelligence.
On the green transition, he said countries should be allowed to move at different speeds and along different paths according to their circumstances and stage of development.
"We need to invest in technologies such as carbon capture, utilisation and storage as part of our own transition," he said.
Anwar also described BRICS as offering "crucial geo-economic advantages", saying its vast integrated market could create opportunities for trade diversification and help member economies reduce their over-reliance on traditional Western markets.
"The synergies that are created, exploited and optimally utilised will serve as an impetus for the generation of economic growth and shared prosperity," he said.
Turning to the Middle East, Anwar said inclusive growth and prosperity could not be discussed while war was driving energy prices higher and threatening the sea lanes on which economies depend.
"Malaysia's position is clear. Sovereignty must be respected, civilians protected and the arteries of the global economy kept out of the battlefield.
"Those with the greatest capacity to shape events bear a particular responsibility to prevent further escalation," he said.
Anwar said Malaysia hoped BRICS would state plainly that "occupation, or settler colonialism or even more in point 'settler terrorism' cannot become destiny and no life weighs less for where it is lived."
He noted that BRICS could widen choices and strengthen countries' capacity to shape the world around them, but stressed that influence was not an end in itself.
"For Malaysia, strategic autonomy means the freedom to choose our own course, and the courage to stand by that choice when it matters. As a Partner Country, Malaysia hopes to contribute in that spirit," he added. - Bernama
