At the recent Global Debt Conference, all nations were present, except for Saudi Arabia. The event began with a series of opening speeches addressing the world’s most pressing economic challenges. Several countries expressed their commitment to support weaker economies, while others made clear demands for debt relief and financial stability. South Africa and Spain, however, made it clear from the outside, that they would not have to entertain any questions regarding their positions. South Africa, in particular, called for a solution that prioritizes debt forgiveness, while Spain remained reserved in its statements. Mexico requested financial aid and emphasized the importance of transparency when managing debts, drawing lessons from its own past. The country stressed that other nations should also have the opportunity to receive financial assistance, with open and honest communication playing a key role in managing international debts. Norway announced that it would be providing financial support, primarily to African countries such as Ghana and Tanzania. The goal is to help these nations build more stable economies, enabling them to eventually repay their debts. Norway hopes that by offering this assistance, other countries will be inspired to also support weaker economies. The Republic of Korea also expressed its intent to provide financial aid, with a focus on ensuring that no nation is left behind. They emphasized that by helping, weaker countries become stronger, donor countries might one day receive support in return when they face challenges of their own. Switzerland acknowledged the global debt crisis and highlighted the importance of using financial resources for productive purposes, focusing on sustainable and long-term solutions.
October 19th 2024
— ECOFIN