PARIS: Prime Minister Shehbaz Sharif said that as part of his interactions during the Summit for a New Global Financing Pact, he drew world leaders’ attention to the exogenous shocks that created polycrisis for developing countries like Pakistan.
In a statement issued, PM Shehbaz said that these shocks resulted in stalling growth, supply chain disruptions caused commodity prices to soar, leading to back-breaking inflation and then extreme weather events precipitated unprecedented floods that cost Pakistan $30 billion in losses.
The international community should deliver on the commitments they made at COP 27 in Sharm al-Sheikh, including the operationalization of Loss and Damage Fund on the principle of equity; provision of grants that don’t increase indebtedness of developing countries; enabling climate-vulnerable countries to access the Fund on the basis of a climate vulnerability index.
He said the inability to bridge the financing gaps to achieve Sustainable Development Goals (SDGs) coupled with the cost of realizing climate goals is inflicting a heavy cost on the world, running into trillions of dollars annually.
Shehbaz Shaarif said that the world should use present economic and climate turbulence as an opportunity for course correction.
“The starting point could be rethinking the global financial architecture where IFIs design their programs to be pro-growth and aligned with SDGs & climate justice goals,” he said.
He said the world faces a moment of truth. “Let us all vow to rise to the challenge hand in hand in a spirit of solidarity and compassion,” he added.
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