PM Shehbaz calls for reforms in international financial framework

Prime Minister Shehbaz Sharif has called for significant reforms in the international financial framework for achieving the sustainable developmental goals.

He was addressing the first virtual session of the Summit of the Future Global Call at the United Nations in New York.

The Prime Minister said this requires enhanced concessional financing, increased Official Development Assistance, and greater lending from multilateral development banks.     

In the virtual meeting, the Prime Minister presented a plan to the world leaders for economically weak countries to achieve the Sustainable Development Goals and to fight the global challenges.

The Prime Minister said today, in times of unprecedented global challenges and escalating conflicts, we are at risk of permanently damaging the notion of “We”. He said a collective “We” requires a degree of equality and justice. He said the plight of the people of Gaza is a mockery of this “We”.

Shehbaz Sharif stressed the need for innovative financial solutions to address debt challenges, including climate debt swaps and equitable debt relief mechanisms.

He said while technological advancements offer great opportunities for progress, it is vital that these technologies are accessible to all, particularly the citizens in the Global South.

The Prime Minister said open access to innovations can empower our people and at the same time, new technologies require new and effective safeguards to prevent the world from their possible misuse.

He said injustices and inequalities create avenues for malign actors, both locally and globally, particularly in nations grappling with climate vulnerability and high debt, which also face terrorism and disinformation.

The Prime Minister said effective international cooperation is more urgent today than ever before to counter these harms.