PM joins UN chief in seeking debt relief for developing nations – Newspaper

UNITED NATIONS: Prime Minister Imran Khan joined UN Secretary-General Antonio Guterres on Monday, calling on creditors to provide debt relief, relief and liquidity to help developing countries cope with the negative economic impact of the Covid-19 pandemic.

The prime minister, who made the opening statement in a special segment of the United Nations Economic and Social Council (ECOSOC) in New York, emphasized the “huge socio-economic consequences” of the pandemic and said: “Private creditors must be involved in providing debt relief and restructuring. “

Addressing this special session on financing for development, the UN chief also said: “The debt crisis had to be addressed properly, including debt relief, relief and liquidity.” Mr Guterres called for a “paradigm shift” in bringing the private sector in line with global goals to meet future challenges.

The Prime Minister stressed the need to mobilize the funds needed by developing countries to recover from the Covid-induced recession and rebuild them on the path to achieving the 2030 Sustainable Development Goals.

Deplores ‘vaccine nationalism’ and export restrictions

“A huge impetus is needed at the highest political level to reverse dangerous trends, prevent successive waves of infections, avoid a prolonged global recession and get back on track to meet the 2030 agenda.” , added the UN chief.

UN General Assembly President Volkan Bozkir has asked world leaders “to seize the opportunity of this crisis to effectively move to a more sustainable and sustainable path, to demonstrate the strength and usefulness of the multilateral system and to build a world we are proud to share. of the next generations ”.

Prime Minister Khan said that Pakistan had already contained the first two waves of the virus through a policy of smart locking, but “now, unfortunately, it is facing the third wave and hopes to defeat that wave as well.” But to help developing countries fight the virus, the international community must ensure that the vaccine is available to everyone, everywhere, as soon as possible. “

“Vaccine nationalism and export restrictions are deplorable; as well as the use of the vaccine to achieve national foreign policy goals, “he added.

Earlier in January, at the UNCTAD meeting, Mr Hahn proposed a five-item agenda for emergency financial support for developing countries, including debt relief and restructuring, the creation and redistribution of special drawing rights (SDRs), larger concession finance and the cessation of illegal financial flows from developing countries.

Mr Hahn noted that the Financial Reporting, Transparency and Integrity Expert Group had proposed 14 recommendations to stem the trillions of dollars’ leakage from developing countries. “These recommendations must be approved by the UN and all financial institutions. “The stolen assets of developing countries must be returned immediately and, more importantly, unconditionally,” he said.

During the UN session, the prime minister also called for a moratorium on unbearable claims against some developing countries in investment disputes.

Last year, an international tribunal granted a standstill pending a final decision on a $ 5.8 billion fine imposed on Pakistan for refusing to rent an Australian company.

Published in Dawn, April 13, 2021