AVN 67.05 Increased By ▲ 1.85 (2.84%)
BAFL 31.05 Increased By ▲ 0.31 (1.01%)
BOP 4.88 Increased By ▲ 0.08 (1.67%)
CNERGY 3.78 Increased By ▲ 0.07 (1.89%)
DFML 14.49 Increased By ▲ 0.28 (1.97%)
DGKC 41.61 Increased By ▲ 0.56 (1.36%)
EPCL 46.22 Decreased By ▼ -0.23 (-0.5%)
FCCL 11.63 Increased By ▲ 0.23 (2.02%)
FFL 5.11 Increased By ▲ 0.06 (1.19%)
FLYNG 5.80 No Change ▼ 0.00 (0%)
GGL 10.40 Increased By ▲ 0.07 (0.68%)
HUBC 67.54 Increased By ▲ 0.67 (1%)
HUMNL 5.77 Increased By ▲ 0.06 (1.05%)
KAPCO 28.00 Increased By ▲ 0.24 (0.86%)
KEL 2.29 Increased By ▲ 0.09 (4.09%)
LOTCHEM 25.06 Increased By ▲ 0.16 (0.64%)
MLCF 21.67 Increased By ▲ 0.23 (1.07%)
NETSOL 86.06 Increased By ▲ 2.46 (2.94%)
OGDC 92.38 Increased By ▲ 6.48 (7.54%)
PAEL 11.06 Increased By ▲ 0.05 (0.45%)
PIBTL 4.23 Increased By ▲ 0.01 (0.24%)
PPL 80.15 Increased By ▲ 5.67 (7.61%)
PRL 13.64 Increased By ▲ 0.21 (1.56%)
SILK 0.89 Decreased By ▼ -0.03 (-3.26%)
SNGP 43.47 Increased By ▲ 3.07 (7.6%)
TELE 5.93 Increased By ▲ 0.07 (1.19%)
TPLP 15.82 Increased By ▲ 0.42 (2.73%)
TRG 114.88 Increased By ▲ 3.47 (3.11%)
UNITY 13.76 Increased By ▲ 0.01 (0.07%)
WTL 1.16 Increased By ▲ 0.02 (1.75%)
BR100 4,124 Increased By 87 (2.16%)
BR30 14,930 Increased By 518.1 (3.59%)
KSE100 41,191 Increased By 719.6 (1.78%)
KSE30 15,494 Increased By 331.4 (2.19%)

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
Follow us

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 are closed.

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.
thumb_up Recommended (0)
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.
thumb_up Recommended (0)
Hussain Naqvi Sep 11, 2022 09:19pm
@JR, Business Recorder management is very broadminded.
thumb_up Recommended (0)

Guterres calls for ‘debt swap’ scheme for Pakistan

Rupee up 0.46%, ends day at 275.30 against US dollar

KSE-100 jumps over 700 points amid return of positive sentiment

Second hike in two weeks: Honda Atlas jacks up car prices by up to Rs550,000

PM Shehbaz announces aid for quake-hit Turkiye

India opens its largest helicopter factory in new defence push

Govt projection of achieving $3bn current account surplus in FY23 ‘unrealistic’: PBC

PTI ready to set aside differences for peace in country: Asad Qaiser

IHC bars Sindh, Balochistan police from taking action against Sheikh Rashid

Govt schedules All Parties Conference for February 9

Kohinoor Textile board recommends buyback of 30 million ordinary shares