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Print Print 2022-09-11

Guterres calls for ‘debt swap’ scheme for Pakistan

  • UN Secretary-General says instead of paying to creditors, using money to invest in climate resilience, investment in sustainable infrastructure
Published September 11, 2022

KARACHI: UN secretary-general Antonio Guterres on Saturday strongly urged the international creditors to introduce a new mechanism ‘Debt Swap’ for the devastated flood-hit Pakistan.

Speaking at a press conference held at Karachi airport, UN Secretary-General said that developing countries including middle-income countries like Pakistan are facing difficult financial conditions and we have seen ‘default’ in some cases. Therefore it is essential to develop a new mechanism by the international creditors for repayment, he said.

“We are strongly advocating debt swap in which countries instead of paying to the creditors, using that money to invest in climate resilience, investment in sustainable infrastructure, etc and this is exactly what Pakistan needs instead of paying debt, using that money for rehabilitation and rebuilding of infrastructure. We will be strongly advocating it with the upcoming meetings with the IMF,” he said. UN Secretary-General Antonio Guterres has once again urged the international community to extend massive support to Pakistan to overcome the challenge posed by the devastating floods and rebuild resilient climate infrastructure. “I have seen many floods but I never saw a disaster like this before.”

While urging developed countries to help Pakistan, he said that support it not on humanitarian ground but for justice because these developed countries are more responsible for climate change.

Pakistan needs massive financial support to overcome flood crisis: UN chief

He said that G8 countries are responsible for 80 percent of gas emissions in the world that caused these natural disasters, urging them to come forward and help Pakistan deal with the flood.

“Today Pakistan is a victim of natural disaster, tomorrow it may be your country,” Antonio said.

It is difficult to say how quickly the recovery can be made but the efforts of the Pakistani authorities are much appreciated, he added.

Foreign Minister Bilawal Bhutto Zardari said: “On behalf of the Pakistani people, I am grateful to the Secretary-General. It was his busiest month because the General Assembly is to be held this month.”

He said that Pakistan, which had less than one percent contribution to the world’s carbon footprint, is among the most climate change-affected countries. CM Sindh Murad Ali Shah, Federal Minister for Planning and Development Ahsan Iqbal, and others were also present.

Copyright Business Recorder, 2022

Comments

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Rebirth Sep 11, 2022 07:06am
So, the Paris Club and China will write off our debts because they feel guilty for creating the climatic conditions responsible for our misery? Let’s hope they consider their guilt, actionable.
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JR Sep 11, 2022 05:07pm
No country should pay any loan to grants to the politicians or even govt. of Pakistan, as these loans and funds never ever been spent on people of Pakistan or on the infrastructures, but these corrupted politicians transfers the money through money laundering to UK, UAE and other countries, where they’ve billions of dollars properties! The foreign loans on Pakistan is nearly US$ 150 billions and billions of rupees loan from local commercial banks… so my question is, where all these monies goes? The friendly countries are requested to invest in the infrastructure directly instead of giving any cash loans to Pakistani corrupted politicians. If you can’t do this… then you are also party with these corrupted politicians.
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Hussain Naqvi Sep 11, 2022 09:19pm
@JR, Business Recorder management is very broadminded.
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