JOHANNESBURG, Aug. 24 (Xinhua) — The BRICS countries made a statement today acknowledging that certain countries are facing high levels of debt, which is limiting their ability to address development challenges. These challenges have been exacerbated by the effects of external shocks, particularly the sharp monetary tightening in advanced economies.
The BRICS countries, in the Johannesburg II Declaration following the 15th BRICS Summit, emphasize that rising interest rates and stricter financing conditions have increased debt vulnerabilities in many countries. They recognize the need to properly address the international debt agenda in order to support economic recovery and sustainable development. It is important to consider each nation’s laws and internal procedures while doing so.
To collectively tackle debt vulnerabilities, one of the proposed approaches is to implement the G20 Common Framework for Debt Treatment. This should be done predictably, orderly, timely, and in a coordinated manner. The participation of official bilateral creditors, private creditors, and multilateral development banks is essential in line with the principle of joint action and fair burden-sharing, as highlighted in the declaration.
Credit: The Star : News Feed
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