On behalf of G77 and China, Deputy Permanent Representative of Pakistan’s Permanent Mission to the United Nations delivered statement during the 107th Meeting of Ministers and Governors on Sustainable and Inclusive Recovery, says a press release received here today from New York.
While expressing his concerns on the developing countries, which have suffered disproportionately and require international financial and other support, to address the triple crises, he insisted that “Sustainable global recovery will not be possible if the majority of the world’s population is left behind”.
The group therefore recommended urgent actions, saying, First, the vaccine inequity must end and second, adequate financing is critical. He said that “the developed economies have injected around $17tn dollars in economic stimulus. The developing countries, meeting an estimated $4.3 trillion, have been able to mobilize around $100 billion so far. The Group proposed to enable the mobilization of larger concessional assistance to the developing countries to stabilize economies. Besides, extension of the debt service suspension by all creditors and early action to ease unsustainable debt is imperative. He also mentioned actions including, the voluntary re-allocation of at least $250 billion of the unutilized new SDRs to the devel-oping countries, expansion of lending by the MDBs; and their recapitaliza-tion; reduction in the market borrowing costs; earliest provision of $100 bil-lion plus in annual climate finance, to achieve a balance between mitiga-tion and adaptation, and access to private capital for sustainable develop-ment projects.
Ambassador Aamir Khan insisted that “it is vital that the recovery should be a pathway to a sustainable global economy, in particular by in-vestment in sustainable, quality and resilient infrastructure, which will also create decent jobs and reduce poverty”. He termed this meeting timely for the international financial institutions enabling them to focus on sustain-able and inclusive recovery: from the Covid, environmental and development crises. “The MDBs, the UN agencies, and other relevant development actors, should enable the developing countries to prepare viable, sustainable infra-structure projects, which can access both public and private finance” he concluded.
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