Russia Proposes New BRICS Investment Platform to Avert Global Debt Crisis
NEW DELHI — Russian Foreign Minister Sergey Lavrov urged BRICS members to intensify joint efforts to prevent a looming global debt crisis and floated the creation of a new investment platform to mobilize resources for development projects, according to statements made at the BRICS ministerial meeting in New Delhi.
Speaking at the second plenary session titled "20 Years of BRICS: Building for Resilience, Innovation, Cooperation, and Sustainability," Lavrov highlighted the urgency of collective action, noting that aggregate global debt has already reached 93% of global GDP and is projected to surpass 100% by 2029. He described this trajectory as creating "systemic risks to the stability of the entire financial system."
"We see a need to step up joint efforts by BRICS countries to prevent a new global debt crisis," Lavrov said, as reported by Russia's state news agency TASS.
Investment Platform Proposal
Lavrov proposed the establishment of a new BRICS investment platform designed to accumulate substantial funds, including through digital assets, to finance development projects both within the bloc and across the Global South and East. He suggested that the New Development Bank (NDB)—whose annual meeting is currently taking place in Moscow—could play a pivotal role in implementing this initiative.
"According to Lavrov, creating an investment platform to accumulate significant funds, including through digital assets, to implement development projects within the BRICS framework and in the Global South and East could be a promising tool," TASS reported. He added that the NDB's operational strategy and model must be adjusted to meet the challenges of the current geo-economic situation.
Call for Solidarity and Multilateral Engagement
Beyond the financial proposals, Lavrov called on BRICS partners to strengthen solidarity on the global stage, emphasizing the importance of enhanced coordination in multilateral forums. He pointed to the cooperation among BRICS delegations at the 30th Conference of the Parties to the UN Framework Convention on Climate Change (COP30) in Belém, Brazil, last November, where a balanced outcome was achieved—an example he cited as a positive precedent.
Lavrov expressed conviction that only through active collective efforts could BRICS countries ensure that their interests, and those of the Global South and East more broadly, are genuinely taken into account in leading international institutions. He specifically mentioned the United Nations, the G20, the World Trade Organization, the World Health Organization, and other bodies.
Context and Implications
The proposals come as BRICS—an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, and newly admitted members—seeks to expand its influence in global economic governance. The emphasis on digital assets and the NDB reflects a broader push among member states to reduce dependence on Western-dominated financial systems and to increase their role in shaping global financial architecture.
Observers note that the debt warning aligns with concerns from international financial institutions about rising sovereign debt levels, particularly among developing countries. The specific figures cited by Lavrov, while not independently verified, mirror trends tracked by organizations like the International Monetary Fund.
As the meeting continues, delegates are expected to discuss the feasibility of the proposed investment platform and the potential recalibration of the NDB's operations. No formal decisions have been announced yet.
This article is based on reporting from TASS, Russia's state news agency. The statements attributed to Sergey Lavrov were made at the BRICS ministerial meeting in New Delhi and have not been independently verified by other news outlets at the time of writing.