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 when delivering his speech at the National Statement on Shaping the Future for Inclusive Global Growth at the end of the 18th Brics Leaders Summit here today.

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.