At UN, Pakistan on behalf of G77/China calls for emergency measures to offset shocks to global economy

UNITED NATIONS, (UrduPoint/Pakistan Point News – October 11, 2022): Pakistan, speaking on behalf of the “Group of 77” (developing countries and China), on Monday called for emergency measures to overcome the recent “shocks” in the economic world, including the coronavirus pandemic and soaring commodity prices that have disproportionately affected poorer countries.

“The severe global economic shocks caused by COVID-19, geopolitical instability, market volatility, have raised the scepter of the food, financial and debt crisis and created energy security challenges and reversed progress towards Sustainable Development Goals (SDGs),” Ambassador Munir Akram, Pakistan’s permanent representative to the UN, told the General Assembly’s Second Committee, which deals with economic and financial issues.

Speaking during a debate on sustainable development, he said that despite all efforts, developing countries are struggling to make significant progress on a wide range of goals and targets.

Pakistan is the current chair of the G77 and China, which now has 134 members and is the largest intergovernmental group of emerging countries in the United Nations.

The G77 chairman estimated the development finance gap at $5 trillion, with developing countries suffering the most in this regard, despite being disproportionately affected by the deleterious effects of climate change.

As these countries do not have the means to put in place systems for mitigating and adapting to climate change, it is necessary to take urgent measures, especially for countries in distress, and to promote structural change. for developing countries and those suffering from global warming, Ambassador Akram said.

“To overcome these cascading crises, restore our economies and achieve the SDGs,” the G77 Chair said, “we must secure the means of implementation through a series of emergency measures and simultaneously promote structural changes in the unequal and unjust international economic system”.

“Suggested actions include: — Mobilizing urgent humanitarian, economic and financial support to developing countries that are in economic difficulty; — Urgent actions to moderate food prices by expanding food production and supporting access for small farmers to seeds, fertilizers and finance — Ensure access to energy for developing countries and explore mechanisms to reduce the financial burden of energy imports, and, — Provide urgent and adequate assistance to countries suffering from the devastating effects of climate change.

Beyond these emergency measures, Ambassador Akram stressed that the international financial architecture must be aligned with the SDGs, urging developing countries to have access to loans at favorable rates as well as to financing predictable and sustainable to support their resilience. This should also allow them to be compensated without delay in the event of natural hazards that overburden them.

He further called for giving developing countries access to technologies to green their economies and lifting the restrictions that penalize them in terms of research and development, noting that this is a cross-cutting issue across the 17 goals.

“We should seek a fair international information technology regime that bridges the digital divide and enables developing countries to ‘leap’ into the global digital economy of the future,” the G77 chair added.

Comments are closed.