Pakistan asks richer nations to ‘do more’ for developing countries

Seeks restructuring of high cost debt with ‘unutilised IMF quota’

10:30 PM | 13 Jul, 2021
Pakistan asks richer nations to ‘do more’ for developing countries

ISLAMABAD – Prime Minister Imran Khan Tuesday urged high-income countries to help developing nations recover from the Covid-19 crisis and achieve Sustainable Development Goals (SDGs).

He stated this while virtually addressing the UN High-Level Political Forum on Sustainable Development, adding that adequate finance must be mobilized to help the developing countries.

The premier highlighted that the richer countries have been able to inject $17 trillion to put their economies on track, while the developing countries urgently require at least $4.3 trillion to recover.

He lamented that the poor countries have so far secured less than 5% of the amount.

PM Khan said the richer countries voluntarily re-allocate a part of their unutilized International Monetary Fund (IMF) quotas, adding that it should be approved urgently.

Calling for restructuring of high-cost debt, he said that the move will provide fiscal space and development finance for the affected developing countries.

He also called for the fulfillment of commitments made to provide concessional and grant finance to developing countries, Radio Pakistan reported.

Similarly, the premier also urged the developed nations to fulfill their promise of providing $100 billion per year in climate finance.

He said Pakistan's landmark projects such as our "Recharge" initiative and 10 Billion Tree Tsunami project can benefit greatly from such support.

He also urged the United Nations to launch a multi-stakeholder dialogue to mobilize one trillion dollars investment required annually in the establishment of sustainable infrastructure.

Calling for the withdrawal of protectionist measures taken by some leading economies, he said that all developing countries must be given equal access to international markets.

PM Imran Khan called for universal and affordable access to the anti-Covid-19 vaccines to defeat the pandemic and revive economies.

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