| At UN Conference, Imran Khan suggests five-point agenda including suspension of debt repayments for most stressed countries | Urges world community to take measures for return of stolen assets held by corrupt politicians

ISLAMABAD   -  Prime Minister Imran Khan on Monday presented a five-point agenda including equitable supply of Covid-19 vaccine to developing countries and suspension of debt repayments for most stressed countries until the end of the pandemic.

Addressing virtually the 4th Session of the United Nations Conference on Trade and Development Intergovernmental Group of Experts on Financing for Development, he called for devising a viable framework for equitable and affordable supply of Covid-19 vaccine to developing countries.

The Prime Minister said coverage of the COVAX facility must be expanded enabling the developing countries to spend their precious resources on socio-economic development needs.

“The coverage of the COVAX facility must be expanded. This would enable the developing countries to spend their precious resources on socio-economic development needs,” he asserted.

Calling the pandemic an opportunity to address the structural barriers hampering global prosperity and development, he suggested a five-point framework to fight the pandemic and recovering economies.

He said debt re-payments for the most stressed countries should be suspended until the end of the pandemic. Moreover, the expansion of concessional financing through multilateral development banks was also essential, he emphasised.

The Prime Minister said the public-sector debt under an agreed and inclusive multilateral framework should be restructured and concessional financing through multilateral development banks should also be expanded.

He called for general allocation of Special Drawing Rights of 500 billion dollars to help alleviate balance-of-payment pressures.

Imran Khan also stressed upon the world community to take measures for the return of stolen assets held by corrupt politicians and criminals saying the illicit financial outflows from developing nations caused more poverty in that world than any other factor.

“Reportedly, a staggering amount of $7 trillion is parked in haven destinations. And it is also reported that $1 trillion annually leaves the developing countries for these haven destinations,” he told the meeting also addressed by the prime minister of Barbados, vice president of Plurinational State of Bolivia, and second vice president of Government of Spain. He said the developed countries should meet the agreed target of mobilising 100 billion dollars annually for climate action in developing countries.

Counting on Pakistan’s measures to combat Covid-19, he told the meeting that Pakistan’s efforts had been aimed at ensuring their protection from both Covid-related as well as hunger-related deaths.

“Our strategy, fortunately, has worked well so far. But continuous efforts are needed to fully overcome the second wave of the virus. And also at the same time to maintain and stimulate economic growth,” the prime minister said.

He said the Covid-19 vaccines were now being administered in developed countries but seemed that it will take much longer time for the vaccine to fully cover the global South.

He said as the coronavirus did not discriminate between the rich and the poor, the most vulnerable people and countries had suffered the most.

He viewed that sustainable development would remain elusive as long as the pandemic persisted. Developing countries are trapped between recovering from the pandemic and meeting their debt servicing obligations, he added.

He said in April last year, he had called for a ‘Global Initiative on Debt Relief’ for creating fiscal space and reviving economic growth for developing 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 will remain a daunting challenge,” he remarked.

Terming the economic malaise and recession “highly communicable” like the coronavirus, Prime Minister Khan said the global policy measures, along his proposed lines were urgently needed to save lives, revive economies, and build back better. “Millions are likely to fall back into poverty,” Imran feared.

He thanked the UNCTAD Secretary-General for organising the ‘extremely important’ session and said the world was grappling with a series of interlinked and unprecedented public health and economic crises.

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nancing through multilateral development banks was also essential, he emphasised. The Prime Minister said the public-sector debt under an agreed and inclusive multilateral framework should be restructured and concessional financing through multilateral development banks should also be expanded. He called for general allocation of Special Drawing Rights of 500 billion dollars to help alleviate balance-of-payment pressures. Imran Khan also stressed upon the world community to take measures for the return of stolen assets held by corrupt politicians and criminals saying the illicit financial outflows from developing nations caused more poverty in that world than any other factor. “Reportedly, a staggering amount of $7 trillion is parked in haven destinations. And it is also reported that $1 trillion annually leaves the developing countries for these haven destinations,” he told the meeting also addressed by the prime minister of Barbados, vice president of Plurinational State of Bolivia, and second vice president of Government of Spain. He said the developed countries should meet the agreed target of mobilising 100 billion dollars annually for climate action in developing countries. Counting on Pakistan’s measures to combat Covid-19, he told the meeting that Pakistan’s efforts had been aimed at ensuring their protection from both Covid-related as well as hunger-related deaths. “Our strategy, fortunately, has worked well so far. But continuous efforts are needed to fully overcome the second wave of the virus.