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‘Protracted negotiations’ will defeat purpose of debt relief: PM

Prime Minister Imran Khan has urged developed countries to provide at least $150 billion to help poor nations to deal with the Covid-19 pandemic.

He remarked while addressing a United Nations High Level Political Forum (HLPF) on Sustainable Development.

PM Imran in his address to the global forum spelt out his vision to overcome the economic challenges posed by the novel coronavirus and climate change.

Also read: PM Imran slams ‘vaccine nationalism’ at ECOSOC forum

“I hope at least $150 billion will be allocated to fund developing countries through IMF, World Bank and other financial institutions and banks,” he added.

PM Imran said the restructuring of high-cost debts is another essential instrument to provide fiscal space and development funds for the affected developing countries.

“Any common framework for debt restructuring should not involve protracted negotiations that would defeat the purpose of debt relief.”

In his opening remarks, the premier said this high-level forum is being held at a critical moment in human history. “The world is facing triple challenge Covid-19, reversal of economic progress and the existential threat posed by climate change.”

He said so far Pakistan has been more fortunate than other countries through a policy of smart lockdown to “somehow” cope with the coronavirus.

“We managed to save precious lives and livelihood at the same time.”

The premier said the global economy will not be able to recover fully unless all countries including rich and poor are able to achieve sustainable development goals (SDGs) and climate targets.

Also read: PM Imran reiterates support to Chinese leadership to safeguard world peace, progress

PM Imran also rolled out a three-point plan of action to deal with the “triple crises”.

Firstly, he said universal and affordable access to Covid-19 vaccine is essential to defeat the virus.

The world must ramp up production and ensure its rapid distribution including in the developing countries, PM Imran demanded.

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