Mr. Chairman,

1. Allow me to begin by expressing my profound gratitude to Secretary-General Guterres for his leadership in convening this timely Biennial Summit.
2. For far too long, the international economic order has perpetuated asymmetries and vulnerabilities. The SDG financing gap is widening; over 100 developing countries are mired in debt; and the climate crisis is accelerating.
3. Reform is no longer an option — it is an imperative.

Excellencies,

4. Pakistan welcomes the commitments made under the “Compromiso de Sevilla” this year. But commitments must turn into action:

1. First, we must act decisively to confront the debt crisis. Initiatives such as the Borrowers’ Forum, the global debt data registry, and the UN-led intergovernmental process on debt are welcome steps, but the ultimate goal must be a multilateral sovereign debt mechanism.
2. Second, we must work towards rebalancing international financial governance. The IMF and World Bank should reflect contemporary global realities, ensuring that developing countries are afforded a fair voice, an equitable vote, and a just share in decision-making.
3. Third, scale up development finance; fulfil ODA commitments; expand concessional flows; and re-channel unused SDRs to those in need.
4. Fourth, deliver on climate finance – at least $300 billion annually, predictable and grant-based. Pakistan knows this urgency. Three years after the 2022 floods that caused over $30 billion in damages, we are once again under water. We contribute less than one percent to global emissions, yet pay the highest price.
5. Fifth, build a fair trading system. WTO reform must restore development at its heart.
6. Finally, we must make progress towards a UN-led global taxation framework aimed at curbing illicit financial flows, profit shifting, and tax evasion.

Ladies and Gentlemen,

5. Despite successive global shocks, Pakistan is on path to economic revival. Through tough macroeconomic reforms, we have delivered a primary budget surplus, curbed inflation, reduced our debt-to-GDP ratio, and mobilised domestic resources.
6. But no country can face these crises alone. The challenges are global; solutions must be collective. For Pakistan, and for much of the Global South, it is about survival, and the right to development.
7. Together, we must build an economic order that is inclusive, equitable, and leaves no one behind.

I thank you.

New York

24 September 2025