Comprehensive multilateral action crucial to address global debt crisis

KUALA LUMPUR: A thorough and comprehensive multilateral action is needed to address the deepening global debt crisis, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

"While attending the 2022 International Monetary Fund (IMF)/World Bank Spring Meetings in Washington, United States, I was invited to contribute my views and suggestions in the 105th Finance Ministers' Development Committee Meeting.

"During the discussion, I had voiced my views on some of the latest challenges that have hampered global economic recovery this year, and I shared the opinion that in the short term, thorough and comprehensive multilateral action is needed to address the deepening debt crisis," he said in a Facebook post today.

Tengku Zafrul added that in addition to being Malaysia's representative, he had also been entrusted to represent countries such as Brunei, Fiji, Indonesia, Laos, Myanmar, Nepal, Singapore, Thailand, Tonga and Vietnam for the meeting.

The minister said during the meeting, he had also highlighted that rising supply chain disruptions and inflation, as well as the ongoing uncertainty due to the new COVID-19 variant, may hamper global economic recovery.

"I had also emphasised that in the future, digitisation will be a key driver of the agenda for Green, Sustainable and Inclusive Development," he said.

He said the development committee had discussed issues related to digitisation and development, ensuring that lending by governments around the world plays a role in macroeconomic development and stability, as well as a number of things on COVID-19 crisis response operations updates.

Meanwhile, on another development, Tengku Zafrul said Amazon Web Services (AWS) has expressed its interest to invest in Malaysia.

In a Twitter post, he said AWS has committed to investing in the development of regional data centres as well as programmes related to start-ups and venture capital.

"They had expressed their intention to me during my visit to Washington, during which I was also briefed by Shannon Kellogg who heads AWS's Public Policy division on the development of their new headquarters, HQ2," he added.

-- BERNAMA