Debt challenges facing 59 countries: PM urges world to find durable solution

NEW YORK: Pakistan caretaker Prime Minister Anwaar-ul-Haq Kakar has called upon the world to find a durable solution to the debt problems being faced by dozens of countries.

He called for a durable solution to the debt problems being faced by 59 countries in debt distress.

The prime minister said proper implementation of the development agenda is only possible with global and regional cooperation. “In this regard we welcome the endorsement of the UN secretary general that could help generate over 500 billion dollars for the countries facing liquidity challenges,” he added.

PM attends UNGA opening session

Addressing the Leaders’ Dialogue on Sustainable Development Goals (SDGs) organized by the United Nations in New York, PM Kakar said that resources must be provided to developing countries to achieve sustainable development goals. He also reiterated Pakistan’s determination to fully support the Global Development Initiative.

Kakar said: “The implementation of Global Development Initiative is a milestone, China’s Belt and Road Initiative (BRI) and China Pakistan Economic Corridor (CPEC) are important in achieving sustainable development goals.”

He stated that measures have to be taken in the fields of food production, infrastructure, investment, industrialization and health.

Prime Minister Kakar expressed Pakistan’s support for the Global Development Initiative, commending the milestones achieved in GDI implementation, the most recent being the successful launch of the Inter-Agency Task Force on GDI.

The prime minister highlighted that progress towards achieving the SDGs has suffered a serious setback due to the poly crises of Covid, conflict and climate change. He stressed that China’s Belt and Road Initiative and the China-Pakistan Economic Corridor are vital vehicles for achieving the SDGs.

He highlighted the need for action in five key areas including food production, infrastructure investment, industrialization, resilient healthcare systems and the bridging the digital divide.

The prime minister further highlighted the necessity of adequate and appropriate finance at all levels of the development process and welcomed President Jinping Xi’s announcement of setting up another fund of 10 billion dollars dedicated to the implementation of the GDI.

The prime minister said Pakistan looks forward to enhancing its cooperation with China and other members of the Group of Friends of GDI to realize their collective aspiration for implementation of the SDGs.

Reiterating Pakistan’s unwavering commitment to achieving sustainable development goals, PM Kakar also called for a durable solution to the debt problems being faced by 59 countries in debt distress.

“We welcome the endorsement of the UN secretary general that could help generate over USD 500 billion for the countries facing liquidity challenges,” Kakar added.

The event also heard opening remarks by Vice President of China Han Zheng, President of the General Assembly Dennis Francis, and other high-level dignitaries, as well as a video briefing and presentation on GDI cooperation.

On the occasion of the visit, PM Kakar and Iranian President Ibrahim Raisi met on the sidelines of the United Nations (UN) General Assembly session. In the meeting, the two leaders discussed bilateral relations and issues of mutual interest.

The caretaker premier added: “Pakistan wants to further expand close friendly relations with Iran, and wants to promote economic cooperation with Iran.”

He continued to say that opening of the border market on Pakistan-Iran border is a positive development, initiatives like the Mand border market will help in the economic development of the border areas.

Kakar further said, “Pakistan and Iran should take advantage of their geographical location.”

Caretaker Prime Minister Kakar also attended US President Joe Biden’s dinner in New York.

The dinner was hosted by US President in honour of the heads of state from all over the world, in which the prime minister and his wife were invited. Only heads of state, first ladies or first men were invited to this dinner.