PM Khan shares framework to fight pandemic in UNCTAD address

ISLAMABAD: Prime Minister Imran Khan has shared a five-point framework to fight the COVID-19 pandemic and revive struggling economies during his virtual address to the United Nations (UN) Conference.

PM Imran Khan made suggestions while addressing the fourth session of the United Nations (UN) Conference on Trade and Development Intergovernmental Group of Experts (IGE) on Financing for Development (FfD) in Geneva on Monday.

“The coverage of the COVAX facility must be expanded. This would enable the developing countries to spend their precious resources on socio-economic development needs,” he said.

The premier told the UN body that the pandemic was an opportunity for the global community to address structural barriers hampering prosperity and development.

Prime Minister Imran Khan urged the suspension of debt repayments for the most stressed countries until the end of the pandemic.

The premier said that the ongoing efforts to fight the pandemic have been aimed at ensuring to people people not only from dying of the coronavirus but at the same time preventing them from dying of hunger.

He also suggested restructuring of the public-sector debt under an agreed and inclusive multilateral framework while also suggesting the expansion of concessional financing through multilateral development banks.

PM Khan also called for the general allocation of Special Drawing Rights of $500 billion to help alleviate balance-of-payment pressures on developing countries.

The premier also urged the UN body to devise a plan for equitable and affordable supply of the COVID-19 vaccine to developing countries while stressing on the international community to take measures for the return of stolen assets held by corrupt politicians and criminals.

“Reportedly, a staggering amount of 7 trillion dollars is parked in ‘haven’ destinations. And it is also reported that one trillion dollars annually leave the developing countries for these ‘haven’ destinations,” he told the UN body.

For his fifth point, the premier said that the developed countries should meet their agreed target of mobilizing 100 billion dollars annually for climate action in developing countries.

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