UNITED NATIONS: Speaking on behalf of the Group of 77 and China, Pakistan called on the international aid agencies to enable the developing countries to prepare viable and sustainable infrastructure projects aimed at addressing the triple crises — Covid-19, environmental and economic — that hit their economies disproportionately.
“It is vital that the recovery should be a pathway to a sustainable global economy, in particular by investment in sustainable, quality and resilient infrastructure, which will also create decent jobs and reduce poverty,” Ambassador Aamir Khan, deputy permanent representative of Pakistan to the UN, told a meeting of ministers and governors of Group of 24 which deals with international monetary and development finance issues.
Sustainable global recovery will not be possible if the majority of the world’s population is left behind: Ambassador Aamir Khan, as #G77Chair_Pakistan @Aamir_khan75 DPR @PakistanUN_NY during the 107th Meeting of Ministers and Governors pic.twitter.com/Pn3Si2K5Xk
— Ambassador Munir Akram-Chair G772022- Pakistan (@G77_2022Chair) April 19, 2022
While the developed economies had injected around $17 trillion into their economies, the developing countries, needing an estimated $4.3 trillion, have been able to mobilise around $100 billion in additional financing so far, he said.
“Sustainable global recovery will not be possible if the majority of the world’s population is left behind,” Khan said.
In this regard, he said the vaccine inequity must end and that adequate financing is critical.
To this, the G-77 proposed the mobilisation of larger concessional assistance to developing countries, extension of the debt service suspension by all creditors and early action to ease unsustainable debt, and the voluntary re-allocation of at least $250 billion of the unutilised new SDRs (Special Drawing Rights) to the developing countries.
Khan, in Pakistan’s capacity as G-77 chairman, also proposed expanded lending by the multilateral development banks (MDBs) and their recapitalisation, reduction in the market borrowing costs for developing countries, earliest fulfilment of the commitment to provide $100 billion-plus in annual climate finance, aiming to achieve a balance between mitigation and adaptation, and access to private capital for sustainable development projects.
“To this end, the MDBs, the UN and its agencies, and other relevant development actors, should enable the developing countries to prepare viable, sustainable infrastructure projects, which can access both public and private finance,” he added.
