DILI, 26 februry 2024 (TATOLI) – The President of the Republic Jose Ramos Horta called on wealthy nations and international financial institutions to provide debt relief and increased aid to vulnerable developing countries.
Horta made the call during a speech at the 3rd Ministerial Meeting of the g7+ group of fragile states held in Abu Dhabi on february 26.
The g7+ consists of 20 nations characterized by weak institutions, poor governance, and fragility due to conflict. Members include Afghanistan, Guinea-Bissau, Haiti, and Timor-Leste.
In his address, Ramos-Horta highlighted the economic troubles facing developing states. He pointed to the global debt crisis, with total debt exceeding 300% of worldwide GDP.
The Head of State also stressed how global crises like COVID-19 and Russia’s invasion of Ukraine have further destabilized poor nations.
“Creditors and banks have shown little willingness to restructure or forgive debts owed by fragile countries,” Horta said in a statement.
The president urged aid organizations and donor countries to increase funding for the world’s least developed nations.
He warned declining aid has led to rising poverty and conditions for child labor and slavery.
Horta called for a new global fund to help g7+ countries cope with economic shocks and disasters, saying it’s time for wealthy nations, banks, corporations, and billionaires to step up support as well.
Journalist: Camilio de Sousa
Editor: Filomeno Martins
