ISLAMABAD – Prime Minister Imran Khan Monday presented a five-point agendato address the structural barriers in global prosperity, proposingequitable supply of COVID-19 vaccine to developing countries and suspensionof debt repayments for most stressed countries until end of pandemic.
The prime minister, in his keynote address at the fourth session ofvirtually held United Nations Conference on Trade and Development (UNCTAD)Intergovernmental Group of Experts (IGE) on Financing for Development (FfD)in Geneva, called for a viable framework for equitable and affordablesupply of COVID vaccine to developing countries.
“The coverage of the COVAX facility must be expanded. This would enable thedeveloping countries to spend their precious resources on socio-economicdevelopment needs,” he said.
Calling the pandemic an opportunity to address the structural barriershampering global prosperity and development, he suggested the suspension ofdebt re-payments for the most stressed countries until the end of thepandemic and restructuring of their public-sector debt under an agreed andinclusive multilateral framework.
Moreover, the expansion of concessional financing through multilateraldevelopment banks was also essential, he emphasized.
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Imran Khan called for a general allocation of Special Drawing Rights (SDRs)of 500 billion dollars to help alleviate balance-of-payment pressures.
Reiterating his decades old stance of return of stolen assets held bycorrupt politicians and criminals, the prime minister viewed that theillicit financial outflows from developing nations caused more poverty inthat world than any other factor.
“Reportedly, a staggering amount of 7 trillion dollars is parked in “haven”destinations. And it is also reported that one trillion dollars annuallyleaves the developing countries for these “haven” destinations,” he toldthe meeting also addressed by prime minister of Barbados, vice president ofPlurinational State of Bolivia, and second vice president of Government ofSpain.
The fifth point of the proposed agenda was meeting the agreed target ofmobilizing 100 billion dollars annually by developed countries for climateaction in developing countries.
[image: Prime Minister Imran Khan virtually addresses the 4th Session ofthe United Nations Conference on Trade and Development (UNCTAD)]
Terming the economic malaise and recession “highly communicable” like thecoronavirus, Prime Minister Khan said the global policy measures, along thehis proposed lines were urgently needed to save lives, revive economies,and build back better.
He thanked the UNCTAD Secretary-General for organizing the “extremelyimportant” and said the world was grappling with a series of inter-linkedand unprecedented public health and economic crises.
He said as the coronavirus did not discriminate between the rich and thepoor, the most vulnerable people and countries had suffered the most.
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“Millions are likely to fall back into poverty,” Khan feared.
He told the meeting that Pakistan’s efforts had been aimed at ensuringtheir protection from both COVID-related as well as hunger-related deaths.
“Our strategy fortunately has worked well so far. But continuous effortsare needed to fully overcome the second wave of the virus. And also at thesame time to maintain and stimulate economic growth,” the prime ministersaid.
He said the COVID-19 vaccines were now being administered in developedcountries but seemed that it will take much longer time for the vaccine tofully cover the global South.
He viewed that the sustainable development would remain elusive as long asthe pandemic persisted. Developing countries are trapped between recoveringfrom the pandemic and meeting their debt servicing obligations, he added.
He said in April last year, he had called for a ‘Global Initiative on DebtRelief’ for creating fiscal space and reviving economic growth fordeveloping countries.
“But I am afraid much more needs to be done on this account. Otherwise,achieving the Sustainable Development Goals by the target date of 2030 willremain a daunting challenge,” he remarked.