G-77 Insists in Urgent Solution to Foreign Debt

Havana, Sept 20 (ACN) Representing the Group of 77 plus China, Cuban President Miguel Diaz-Canel alerted in New York on the need for urgent action to face the unsustainable foreign debt which is dragging the majority of developing nations to an economic abyss.

In his remarks at the High-Level Dialog on Financing for Development, as part of the 78 Session of the UN General Assembly, the head of state said an effective and inclusive response is necessary which involves all creditors.

This would lead to allow South nations, particularly those with a medium income, to invest in their own development billions of dollars from their own domestic savings, said Diaz-Canel and added that today’s financial architecture was not designed to provide the responses needed by the South nations.

The inclusive reform of the current financial architecture is a long-standing demand aimed to meet the principles established by the UN Charter, said the Cuban President and recalled that the South nations spend up to 14 percent of their revenues to pay interests linked to their foreign debt.