ISLAMABAD: Prime Minister Imran Khan on Thursday said as the Covid-19 pandemic revealed the interdependence of nations, a joint action was essential to fight the Covid-19’s triple challenge through vaccine supply, reallocation of International Monetary Fund (IMF) quotas by high-income States and adaptation of climate finance.
The prime minister stressed that the “universal and affordable access to Covid-19 vaccine was vital to defeat the virus and to revive global trade, investment and growth”.
“The global economy will not recover fully until all countries – rich and poor – are enabled to accelerate and expand investment for achieving the Sustainable Development Goals and climate goals,” the prime minister said in his virtual address at the UN High-Level Political Forum on Sustainable Development, held at the UN Headquarters in New York.
Imran Khan said the world must ramp up vaccine production, including in the developing countries, and ensure its rapid distribution.
To enable developing countries purchase vaccines at fair prices, he emphasized on waiver of intellectual property rights even if temporary, vaccine production under license, full funding of COVAX facility, and grants and concessional lending.
The prime minister said adequate finance was important to mobilize the developing countries meet the triple challenge of Covid recovery, implementation of Sustainable Development Goals (SDGs) and realization of environmental goals.
He commended the excellent role played by the UN Secretary General and the entire relief and recovery efforts of the UN system in the wake of the pandemic.
The prime minister said by the grace of Almighty Allah, Pakistan remained fortunate compared with other countries as the government through its policy of ‘smart lockdown’ and focus on the disadvantaged, had been able to somehow contain the virus.
After managing precious lives and the livelihoods through Ehsaas socio-welfare programme, he said, Pakistan was making efforts to accelerate its vaccination campaign.
Imran Khan said the high-income countries injected $17 trillion to stimulate their economies while the developing countries were estimated to need at least $4.3 trillion to recover from the crises and implement the SDGs. They have so far unfortunately secured access to less than five percent of this amount, he added.
He recalled that last September, he had proposed the creation of new IMF Special Drawing Rights as an effective way to generate development financing and welcomed the agreement to create $650 billion in new SDRs.
He endorsed the proposal of the IMF Director General to enable the high-income countries voluntarily reallocate a part of their unutilized IMF quotas, and stressed its urgent approval.
He hoped that at least $150 billion would be reallocated to finance sustainable development projects and programmes in developing countries through the IMF, World Bank and other development banks and institutions.
“The restructuring of high-cost debt is another essential instrument to provide fiscal space and development finance for the affected developing countries,” he added.
He pointed out that any “common framework” for debt restructuring should not involve protracted negotiations that could defeat the purpose of relief.
once a beggar has been taken on buggy ride in the gardens of a rich man, he started lecturing him how to earn money and how to improve your economy?… sheep-head proud of its head swinging till the razor knife fell upon its neck and separates its head!
again with the famous banigala bowl, only the Chinese would listen