Jaishankar at SCO: Global South shouldn’t be saddled with unviable debt from opaque initiatives

On Thursday, S. Jaishankar, the minister of external affairs, emphasized the need for “closer cooperation” among the members of the Shanghai Cooperation Organization (SCO) and emphasized the “centrality” of interests of Central Asian nations in overcoming global challenges. “In this context, the centrality of the interests of Central Asian States plays a key role,” he said. “Today, the world is facing challenges, looming economic recession, broken supply chains, food and energy insecurity this calls for closer cooperation with the SCO.”

Addressing the SCO Heads of Government meeting in Bishkek, Kyrgystan, Jaishankar noted the overwhelming debts on the Global South from ‘opaque’ initiatives and said that the India-Middle East-Europe Economic Corridor and International North-South Transport Corridor will bring economic stability to the region.
He added, “We should bear in mind that the Global South should not be saddled with unviable debt arising from opaque initiatives. I am confident that the India-Middle East-Europe Economic Corridor and the International North-South Transport Corridor could become enablers in bringing economic prosperity to the region.”
Jaishankar who was speaking on behalf of Prime Minister Narendra Modi in the meeting said further, “India is keen to partner with Member States for sustainable, mutually beneficial and financially viable solutions. As we strive to improve trade within the region, we need robust connectivity and infrastructure. India has accorded utmost priority to these domains in its own developmental journey, at the same time connectivity initiatives should always respect the sovereignty and territorial integrity of all countries.”