"As the chair of ASEAN this year, the biggest economy in ASEAN, with the one of the fastest growth rates in the world, Indonesia has encouraged further international aid that focuses on vulnerable developing countries," he remarked.
During the third Head-of-State- and Government-level meeting from the Champion Group of the GCRG (Global Crisis Response Group) on Food, Energy, and Finance, he explained that Least Developed Countries (LDCs) have eight times higher loan rate as compared to developed countries.
This is based on the report made by the UN.
This financial burden inhibits LDCs' capability to fund vital investment and disrupts debt sustainability and progress towards sustainable development.
He underlined the importance of dedication from all countries to uphold commitments made under the Common Framework for Debt Treatments beyond the DSSI (Debt Service Suspension Initiative).
Meanwhile, UN's Secretary General, António Guterres, remarked that half of the world is currently drowning in development disaster, triggered by the debt crisis.
Around 3.3 billion people, or almost half of the human population on the planet reside in countries that spent more money to pay for interest debt rather than for education or health, he explained.
The meeting was led by Guterres and was attended by GCRG Champions from various countries.
In addition to sharing experiences over strategies to handle debt vulnerabilities, each GCRG Champions Group also formed a large-scale integrated global response, and mobilize coordinated action to handle food security, energy and financial transition, with emphasis on debt reduction.
Related news: Some 1.2 billion people vulnerable to three global crises: GCRG
Translator: Indra Arief P, Fadhli Ruhman
Editor: Arie Novarina
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