Prime Minister Imran Khan participated in and addressed a high-level video conference themed ‘Financing for Development in COVID-19 Era and Beyond’ on Thursday via video link hosted by the Canadian and Jamaican PMs and the United Nations General Secretary.
Addressing the participants of the high-level United Nations event, PM Imran Khan said that a concerted global effort was required to defeat and endure the global pandemic of coronavirus.
The premier discussed debt vulnerability of developing countries which is one of the six interlinked financial issues being discussed at the event.
Effort Needed To Fight COVID-19 – PM Imran Khan
Making note of how the economy at home had suffered since the pandemic struck, PM Imran Khan said: “The poor segments of the society have been worst affected. The government launched various programs to provide relief to them.”
He stressed that the world will not recover from this recession if a major part of the world’s population is wallowing into poverty, he added that unlike western countries, nations in the developing world did not have the fiscal space to revive their economies and look after their underprivileged.
“The government had doled out $8 billion to stimulate the economy and provide cash to the most vulnerable sections of society, but the country’s falling exports and remittances are adding to the pressure,” he mentioned.
The package was meager in comparison with huge stimulus packages given by the USA, Germany, Japan, UK, and other developed countries to their populations said the premier.
Fight COVID-19 – PM Imran Khan
He also said that the money that was to be spent on climate change and development programs was diverted towards the corona pandemic.
He also added that in his discussions with the leadership of Ethiopia, Nigeria, and Egypt he found out that all of them were also facing similar difficulties.
“I welcome the G20 initiative of providing debt relief to various developing countries in these tough times, but they help to the developing world has to be much bigger than it has been envisaged, there is need for a global solution,” Prime Minister Imran Khan concluded.
The Presidents of France, SouthAfrica, Kazakhstan, and the Prime Ministers of the UK, Italy, Norway, Ireland, Japan, the German Chancellor, and the Crown Prince of Saudi Arabia will also address the high-event.
The event was hosted by Secretary-General of United Nations and Prime Ministers of Canada and Jamaica.
The debt vulnerability of developing countries was to be one of the six interlinked financial issues discussed at the High-Level Event.
The invitation extended to the Prime Minister reflects the recognition of his role as a sincere spokesperson for the developing countries and the timeline of his call for collective action to overcome the debt distress of 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.
The Presidents of France, South Africa, Kazakhstan, and the Prime Ministers of the UK, Japan, Norway, Italy, and Ireland, the German Chancellor and the 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 at the event.
The foreign office spokesperson in a statement 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.