PM to address Financing for Development summit today

ISLAMABAD: Prime Minister Imran Khan will address the Financing for Development summit today on the occasion of the UN General Assembly Session.

This high-level event will be held virtually and is convened by the UN Secretary-General and the Prime Ministers of Canada and Jamaica. It aims to articulate a coordinated and comprehensive multilateral response to the urgent financing for development crisis due to the COVID-19 pandemic.

Heads of State and Government are expected to adopt an ambitious menu of policy options for countries to recover in the short term, mobilise the financial resources to achieve the UN Agenda for Sustainable Development Goals.

Besides, the forum will review the global financial architecture to deliver the global standards and align with the SDGs and strengthen the resilience and sustainability of countries over the medium to long term.

The High-level Dialogue will aim to renew global commitment to financing at the highest political level. It will serve as a UN call for collective action to tackle challenges in the global economy, encourage public and private investment and promote new and innovative initiatives that target gaps in financing sustainable development.

Last week Prime Minister Imran Khan addressed the high-level panel on Financial Accountability, Transparency, and Integrity (FACTI) on the sidelines of the ongoing United Nations General Assembly session and called for formulating laws to bring back this money to the developing countries.

While urging the international community to act jointly against money-laundering, the prime minister said that laws should be devised to bring an end to tax evasion from multi-national companies.

He further warned that international peace could also be endangered by rising global poverty due to the unjust distribution of wealth globally accumulated in the hands of 26 richest people.

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