NEW YORK: Pakistan on Thursday said that as it develops countries tried to recover from numerous crises, the Group of 77 and China must accept lead in promotion of systemic and structural changes sustainable global growth.
Foreign Minister Bilawal Bhutto Zardari, also guest of G-77 and China Ministerial Conference held here, in in his opening statement called body impose justice in international economic relations and rebuild emerging economies on a path leading to implementation of SDGs and environmental goals.
Ministerial meeting in progress with the goal is to reach an agreement on “Urgent and emergency measures required give the opportunity to develop countries to overcome immediate challenges of the food, fuel and finances they currently face; and systemic measures and structural changes implementation needs to be accelerated of SDG”.
Foreign minister stressed that the developing countries who continued to suffer heavy blows of urgent and generous assistance to climate change is needed to recover from these impacts, “even if we start work on commissioning of the loss and damage fund agreed at COP-27”.
“Without such emergency and systemic actions development the watershed will grow into an unbridgeable abyss, turning our world in a nightmare world suffering from mass human suffering, social and political instability and escalating conflicts, even as our planet and our species confront a growing existential threat of climate catastrophe.
He said that most of development countries faced unprecedented challenges to their economic progress as good as danger of social and political turmoil over in past three years their economy and society was destroyed series of crises: Covid-19 pandemic; supply chain disruptions; rising prices; currency depreciation; natural disasters caused by climate change and geopolitical tensions like Ukrainian war.
He told the audience that global economic growth next year it was predicted to be less than 3% and with north also walking back away from globalization, export-oriented growth was getting difficult for most of developing countries.
He said that in addition to meeting the SDG targets, the developing world also must simultaneously recover from loss and damage from climate impacts and adapt to avoid future impact.
“Overcoming development and climate challenges requires a Herculean effort on the part of our governments. And it requires extensive international solidarity and cooperation. The SDG funding gap widened from $2.5 trillion. in from 2019 to over 4 trillion dollars today. If a cost of climate goals addedwe will need several additional trillion to achieve the SDGs and climate targets.”
Foreign Minister Bilawal said: “250 million. face hunger. Hunger haunts millions. 82 of our members debt vulnerable; 54 acres in debt grief. Financial savings will freeze them growth and strengthen and increase hunger and poverty. We must outline path break out of poverty trap.
He said the conference was aimed at initiating action to respond to an urgent challenges opposition to developing countries and outline strategy consolidate reforms in international financial and economic system required to achieve the SDGs and Paris goals.
He thanked UN Secretary-General António Guterres for parameter up emergency task force and supporting a lot of of its recommendations and urged WFP ensure food supplies for 250 million in hunger.
He said international Considering that the recently released UNCTAD Trade and Development Report, the UNDP Debt Report and the DESA analysis identified several measures, including call for major central banks and the IMF to reverse rising interest rates; stop austerity programs; provide fiscal space to 82-debt distressed and vulnerable countries.
He also called for relevant UN bodies to study the mechanism for limiting the prices of goods and fuels for development countries, ensure them access on food, fuel and fertilizer and discourage speculation in goods.
Supporting the head of the UN call for reformation of international financial architecture, foreign minister proposed a multilateral mechanism for sustainable management of sovereign debt; execution of agreed ODA target of 0.7 pcs. of GNI of developed countries; wide use of SDRs offering critical and proven way to get funding for SDGs and climate action.
He also emphasized mechanisms to reduce the cost of borrowing for development countries which the should also mobilize domestic resources through building their capital markets and tax increases coverage and income.
Moreover, he said that the climate change agenda and climate commitments must be “fully and faithfully” implemented, and urged on in developed countries deliver on its promise to provide more than $100 billion annually in climate finance; allocate half of this is for climate adaptation and urgently put in place a fund for “loss and damage”.
“We should also urge developed countries take on the burden of mitigation and coverage net-zero emissions long before 2050.”
He said the transition to sustainable global economy required quick installation of sustainable infrastructure – energy, transport, housing, manufacturing and agriculture requiring anticipated investment of $1 trillion for year.
He said: “We should We welcome initiatives such as China’s Belt and Road Initiative and the G7 Global Infrastructure Initiative. We should also develop vehicles it may access private capital for high-quality investment in sustainable infrastructure in development countries”.
Call for restructuring of international trading system revive the export-oriented growth in developing countriesforeign minister said developing countries should be asked required policy space for industrialization, for example, by abandoning the TRIPS and TRIMs agreements.
He emphasized need for Adoption international technology agreement, agreement with SDGs through inclusive negotiations that should focus global research as well as development resources and opportunities on scientific breakthroughs.
In addition, he said that also it is vital to accept fair international information technology regime to overcome digital share and develop countries “jump” into global digital economy of in future.
