Pakistan pushes for ‘roadmap’ to offset recent ‘shocks’ to global economy

UNITED NATIONS: Pakistan has called for a clear roadmap to overcome the recent series of “shocks” to the world economy, including the deadly coronavirus pandemic and the spike in commodities prices, that have disproportionately impacted the poorest countries.

Speaking for the Group of 77 (developing countries) and China, Pakistan’s Ambassador Aamir Khan, deputy permanent representative to the UN, told the General Assembly Second Committee, which deals with economic and financial matters: “The unequal impacts have been accompanied by a deficit in solidarity – as visible on vaccine availability and the liquidity support — $17 trillion generated in the richer, less than $100 billion for the developing world”.

Pakistan is the current chairman of G-77 and China, which now has 134 members and is the United Nations’ biggest intergovernmental group of emerging countries.

Speaking in a debate on Macro-economic Policy and Financing for Development, Aamir Khan said other factors disrupting thee economy such were excess liquidity injected in the hard currency economies, the growing impacts of climate change and the geopolitical tensions and accompanying disruptions due to trade and financial restrictions.

As a consequence, he said, poverty has enlarged — over 100 million pushed back into extreme poverty, with the developing countries now facing the triple challenge of meeting their needs for food, fuel and finance.

As a result, over 50 developing countries are in debt distress and many may be obliged to default, as climate change continues to take its heavy toll.

The G77 commends the efforts being made by the UN Secretary-General and others to ameliorate plight of the poorest and most vulnerable, but Ambassador Aamir Khan said, “as yet, there is no clear road map to overcome the development emergency …”. – News Agencies