Pakistan Proposes $1 Trillion Debt Relief for Developing Countries

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Pakistan proposed $1 Trillion debt relief for developing countries. Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal also called for a “Marshal Plan” to mobilize unfulfilled Official Development Assistance (ODA) commitments.

“We hope that the UN Secretary-General will succeed in his diplomatic efforts to secure access to food supplies from both Ukraine and the Russian Federation.” He also called for moderating the prices of food, energy, and other essential goods for affected developing countries, including through an international fund set up for this purpose.

Immediate relief should be provided to developing countries in order to enable them to avoid economic crises, Though the support from the UN is mandatory as it will be very helpful for developing countries to overcome any Crisis.

“We also need the mobilization of longer-term finance to implement the SDGs and Climate goals.” Ahsan Iqbal demanded the fulfillment of the commitments made to provide $100b annually in climate finance. He said at least half of the unutilized SDRs, amounting to $200b, should be provided to the developing countries as means of ensuring liquidity and fiscal space to respond to the multiple crises they are facing.

He proposed to utilize the UN system, the Multilateral Development Banks, and other institutions; to help developing countries prepare a pipeline of viable infrastructure projects designed to promote the achievement of the SDGs. He said the developing countries must have a level playing field in international trade. The global trading system needs to be aligned with the SDGs. This will require revision, in particular of the TRIPS and TRIMS agreement. New protectionism, whether in the form of environmental or social conditions, must be prevented.

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