ISLAMABAD: Prime Minister Imran Khan will participate in a virtual high-level event being hosted at the United Nation On Thursday to discuss financial support for emerging economies hit hard by COVID-19.
The event ‘Financing for Development in Era of Covid-19 and Beyond’ is being hosted by the Prime Minister of Canada Justin Trudeau, Jamaican Prime Minister Andrew Holness and the UN Secretary-General Antonio Guterres. In his address, the prime minister will share his vision on possible ways to address the debt issue and the enormous financial challenges facing developing countries.
The Presidents of France, South Africa, Kazakhstan and the Prime Ministers of UK, Japan, Norway, Italy and Ireland, German Chancellor and Crown Prince of Saudi Arabia, will address the high-level event. The debt vulnerability of developing countries will be one of the six interlinked financial issues to be discussed.
In April, Prime Minister Imran Khan had issued a call for a ‘Global Initiative on Debt Relief’ to create fiscal space for developing countries to enable them to recover from the current crisis and revive sustainable economic growth.
“In response to his call, and under Pakistan’s leadership, a representative group of developing and developed countries, and major financial institutions, have commenced informal consultations on the sidelines of the United Nations to evolve agreement on some measures and practical actions to address the debt challenge of the developing countries,” said a statement by the Foreign Office.
“The invitation extended to the prime minister reflects the recognition of his role as a sincere spokesman for the developing countries and the timeliness of his call for collective action to overcome the debt distress of so many developing countries. This recognition has enabled Pakistan to bring together a credible group of countries, including the largest economic powers, to address the debt issue,” it added
The foreign office said the prime minister’s leading role in advancing solutions to the vital issues of debt, liquidity, investment and sustainable development will greatly enhance the prospects for Pakistan and other developing countries to secure the international support, solidarity and cooperation needed to ensure a rapid recovery from the most serious recession the world has faced since the Great Depression a century ago.
UN Deputy Secretary-General Amina Mohammed has said many developing countries lacked sufficient funds to fight the pandemic. She said an offer by the G-20 and Paris Club to suspend payments of debts for the poorest countries is a critical start but more efforts are needed.
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