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BRICS must step up efforts to prevent new debt crisis — Lavrov

"The New Development Bank, whose annual meeting is currently taking place in Moscow, could play an important role in implementing this initiative," the Russian foreign minister emphasized

NEW DELHI, May 15. /TASS/. BRICS countries must step up their joint efforts to prevent a new global debt crisis, Russian Foreign Minister Sergey Lavrov said at the BRICS ministerial meeting in New Delhi.

"We see a need to step up joint efforts by BRICS countries to prevent a new global debt crisis," he noted at the second plenary session titled "20 Years of BRICS: Joint Efforts for Sustainability, Innovation, Cooperation, and Balanced Development." "The volume of aggregate global debt has already reached 93%, and it is expected to exceed 100% of global GDP by 2029. This creates systemic risks to the stability of the entire financial system," the top Russian diplomat pointed out.

According to Lavrov, creating an investment platform to accumulate significant funds, including through digital assets, to implement development projects within the BRICS framework and in the Global South and East could be a promising tool.

"The New Development Bank, whose annual meeting is currently taking place in Moscow, could play an important role in implementing this initiative," the Russian foreign minister emphasized. "I would add that, in light of the new challenges posed by the current crisis-ridden geo-economic situation, it is necessary to adjust the New Development Bank’s operational strategy accordingly and adapt its operating model," Lavrov stressed.

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