ISLAMABAD: Prime Minister Shehbaz Sharif embarked on a visit to France on Wednesday to participate in a summit to pin down a roadmap for easing the debt burdens of low-income countries while freeing up more funds for climate financing being held in Paris.
The visit comes as a response to an invitation extended to him by President Emmanuel Macron.
France will host on June 22-23 the “Summit for a New Global Financial Pact”, which will tackle the reform of multilateral development banks (MDB), the debt crisis, financing for green technologies, the creation of new international taxes and financing instruments, and special drawing rights.
The summit brings dozens of leaders together to forge a top-level consensus on how to progress a number of initiatives currently struggling in bodies like the G20, IMF-World Bank and United Nations.
“It’s urgent for us to act and rethink collectively the international financing architecture,” a French presidential official said last month, adding that Paris had lobbied its G7 partners ahead of next month’s conference.
“Today we have a network of development banks in the world which finance international solidarity and which find themselves limited in their capacity to act.”
The summit serves as a platform for global leaders to engage in discussions and consultations concerning the future changes required in the global financial system.
As a prominent member of the G-77 and as the leader of a country profoundly affected by the detrimental impacts of climate change, Prime Minister Sharif will play a pivotal role in the summit.
He is scheduled to deliver a significant address, highlighting the perspectives of his nation and offering insights on combating climate change.
In addition to participating in the summit proceedings, Sharif will also engage in bilateral meetings with other world leaders, further strengthening diplomatic ties and fostering cooperation on various global issues.
His attendance at the Global Financing Pact Summit signifies Pakistan’s commitment to actively contribute to international efforts towards sustainable development and combating climate change, Sharif’s office said.
