KUALA LUMPUR: The international financing system should be reformed to make it fairer and prevent developing countries from being trapped in unsustainable debt, said Prime Minister Datuk Seri Anwar Ibrahim.
Anwar said the call was important as the world faced rapid changes in the economic and geopolitical landscape, as well as technological developments adding that many developing countries continued to struggle to achieve economic progress.
“Too many countries are burdened by debt, to the extent that more is being spent on servicing interest than on education or healthcare. As such, the international financing system must be fairer and must not push countries into unsustainable debt simply to meet the basic needs of their people,” he said in a Facebook post.
He made the remarks while addressing world leaders at the 18th BRICS Leaders’ Summit in New Delhi, India, Sunday.
Anwar, who is also finance minister, stressed the need to accelerate initiatives through the New Development Bank (NDB), expand the use of local currencies in trade and harness the vast potential of the Islamic capital market.
He said BRICS member states should also take concrete steps to address unfair trade practices, share development experiences and strengthen cooperation in emerging sectors, including semiconductors and artificial intelligence (AI).
Anwar stressed that the green transition must take into account the realities and development levels of each country because not all countries can move at the same pace or along the same path.
“BRICS has a geoeconomic advantage through its vast market, creating opportunities to diversify trade, reduce dependence on traditional Western markets and generate shared prosperity,” he said.
However, Anwar said efforts to achieve inclusive growth would be meaningless as long as wars continued to drive up energy prices and threaten the sea lanes that are the lifeline of the global economy.
He highlighted Israel’s actions in the Middle East had also caused countries not directly involved in the conflict to bear the consequences through inflation and economic uncertainty.
Anwar added that Malaysia’s position is clear: sovereignty must be respected, civilians must be protected and the world’s major economic sea routes must not be turned into battlegrounds.
According to Anwar, BRICS must have the courage to make its position clear that Israel’s illegal occupation, colonisation and violence could no longer be allowed to continue.
“Every human life must be protected regardless of where they are.
“For Malaysia, strategic autonomy means the freedom to determine our own course and the courage to stand by our position when tested. As a BRICS partner country, Malaysia is ready to contribute in this spirit,” he said.
