At the First Biennial Summit for a Sustainable, Inclusive and Resilient Global Economy Pakistan’s Deputy Prime Minister and Foreign Minister thanked Secretary-General Guterres for convening the gathering and warned that persistent asymmetries in the international economic order are deepening the SDG financing gap while leaving over 100 developing countries mired in unsustainable debt and exposed to an accelerating climate crisis. The minister made clear that reform of global finance is now an imperative, not an option.<\/p>\n
The minister welcomed initiatives such as the Borrowers’ Forum, the global debt data registry and the UN-led intergovernmental process on sovereign debt, but stressed that these steps must lead to a multilateral sovereign debt mechanism to resolve crises fairly and predictably. Pakistan urged immediate, decisive action on debt relief to stabilise vulnerable economies and protect development gains.<\/p>\n
Rebalancing international financial governance is central to the minister’s message. The IMF and World Bank must reflect contemporary global realities so that developing countries have a fair voice, equitable voting shares and a just role in decision-making. Such changes are essential to restore confidence in the institutions that shape global finance.<\/p>\n
On development finance, Pakistan called for urgent scaling up of concessional flows, full delivery on ODA commitments and creative use of existing instruments, including rechanneling unused SDRs to countries in need. Mobilising predictable and concessional finance will be crucial to close the SDG financing gap and support recovery efforts across the Global South.<\/p>\n
Climate finance received particular emphasis, with a clear call for at least 300 billion dollars annually in predictable, grant-based support. Pakistan cited the devastating 2022 floods that caused more than 30 billion dollars in damages and stressed that the country, which contributes less than one percent of global emissions, continues to pay a disproportionate price as communities face renewed flooding and displacement.<\/p>\n
The minister also urged reforms to the global trading system so the World Trade Organization can better serve development objectives, and pressed for progress on a UN-led global taxation framework to curb illicit financial flows, profit shifting and tax evasion. These measures were presented as complementary pillars of a fairer global finance architecture.<\/p>\n
Highlighting Pakistan’s own efforts, the minister noted that despite successive global shocks the country is on a path to economic revival through tough macroeconomic reforms that have delivered a primary budget surplus, cooled inflation, reduced the debt-to-GDP ratio and mobilised domestic resources. Still, the minister argued, no country can tackle these interlinked crises alone; collective action is essential to safeguard the right to development for Pakistan and the wider Global South.<\/p>\n
Pakistan closed its address by urging partners to turn commitments into concrete action and to build an economic order that is inclusive, equitable and resilient, calling on the international community to move urgently on debt relief, institutional reform, scaled development and climate finance, and a global tax framework to protect developing economies and promote sustainable growth.<\/p>\n","protected":false},"excerpt":{"rendered":"
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