Lavrov Urges BRICS to Prevent Global Debt Crisis via New Development Bank
Russian Foreign Minister Sergey Lavrov called for intensified joint efforts among BRICS nations to prevent an impending global debt crisis during a ministerial meeting in New Delhi. Speaking at a plenary session titled '20 Years of BRICS,' Lavrov highlighted that global aggregate debt has reached 93% of GDP and is projected to exceed 100% by 2029, posing systemic risks to financial stability. He proposed the creation of an investment platform, potentially utilizing digital assets, to fund development projects in the Global South and East. Lavrov emphasized the critical role of the New Development Bank (NDB), whose annual meeting was concurrently held in Moscow. He stressed the necessity for the NDB to adjust its operational strategy and adapt its operating model to address current geo-economic challenges. The article underscores Russia's push for financial cooperation within the BRICS framework as a countermeasure to existing global economic instabilities, positioning the NDB as a central instrument in this initiative.
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