The Timorese president highlights that he has good financial indicators, starting with his debt to GDP of 16%, “one of the lowest in the world”, and having incurred only one billion dollars of debt.
The president of East Timor, José Ramos-Horta, criticized international financial institutions this Thursday for “remaining indifferent” to requests for debt forgiveness from the poorest countries and defended, at the UN, several initiatives for an energy transition fair
I say this to the banks and other credit institutions: cancel this damn debt,” Ramos-Horta appealed, arguing that “we continue to witness presidents of banks and super-rich creditor countries who, even in the face of the agony of poverty and rising cost of living in the most impoverished countries, remain indifferent to international calls for debt cancellation.”
Speaking at the 78th United Nations General Assembly, being held this week in New York, Ramos-Horta highlighted that East Timor even has good financial indicators, starting with the debt/GDP ratio of 16%, “one of the the lowest in the world”, and having contracted only one billion dollars of debt since 2012, with an average rate of 2%, which contrasts with the interest rates of around 10% required of African countries in international financial matters.
We need a new perspective on the climate-security nexus, one that addresses the impacts of climate change and environmental degradation on peace and security and ensures that the pursuit of an energy transition does not worsen the security situation in the fragile countries,” he said. Ramos-Horta, announcing a “bold initiative in this area.”
The initiative aims to accelerate the energy transition of states dependent on oil and gas, avoiding social disruptions, he explained, considering that current initiatives do not pay due attention to low-income countries and small and isolated archipelagos.
The combined effect of unlocking financing through debt relief, accelerating international financing at low interest rates and a significant increase in official development assistance will allow these nations to embark on projects that encourage the development of clean and sustainable, at the same time, negotiate. with the losses and damages derived from climate change,” defended Ramos-Horta.
Furthermore, Timor-Leste also highlighted “the particular challenges faced by fragile states” and the need to balance the search for rare minerals, without leading to greater instability in the countries richest in these green resources.
Source: Observadora
