International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Thursday called on countries in a relatively stronger position to help vulnerable countries, especially those heavily indebted.
Georgieva added that such assistance is especially important in light of rising interest rates and currency depreciation.
"We urgently need faster and more efficient global mechanisms to provide debt treatments to these countries," Georgieva said at the Boao Forum for Asia, adding that these mechanisms would greatly benefit debtors and creditors.
"Success will remove one of the sources of uncertainty surrounding the global picture."
The Boao Forum, seen as the Asian counterpart of the World Economic Forum held annually in Davos, Switzerland, will be held in the southern Chinese resort island of Hainan until Friday.
Georgieva also said countries should work together to stimulate international trade in a fair way so that more people benefit from globalization, and diversify supply chains based on economic logic.
Governments must also protect their most vulnerable citizens who have been hit hard over the past three years, she said, referring to the impact of the COVID-19 pandemic.
Lee Qiang (right) made comments at a session attended by the presidents of Spain, Malaysia and Singapore (Reuters)
China.. Commitment to economic openness
Meanwhile, Chinese Premier Li Qiang said on Thursday his country was committed to opening up in the world's second-largest economy and implementing reforms that could help spur growth.
He told the Boao Forum that geopolitical tensions would only hamper development globally.
His comments are his latest calls to boost China's economic recovery in the face of strained relations with the United States and its allies on many issues, from Russia's war on Ukraine to technology exports and Taiwan.
Li made his comments at a session attended by the prime ministers of Malaysia, Singapore and Spain, all countries with close trade and diplomatic ties with Beijing.
Lee, who took office this month, said: "No matter what changes happen in the world, we will always be committed to reform and opening up."
"We will introduce a series of new measures to expand market access and improve the business environment... Peace is a prerequisite for development."
China has set itself a modest GDP growth target of around 5 percent this year after failing to meet its 2022 target, less than the International Monetary Fund and some observers believe China can achieve.
Covid-19 restrictions affected the Chinese economy for three years before being lifted in December, while the Chinese official said there were signs of a recovery begin.
In indirect comments aimed at the United States, which is working with its allies to block China's access to advanced technologies such as microchips, Li said Beijing opposed protectionism and segregation.