November 30, 2021| Press Releases|
Excellency Minister of Foreign Affairs of the Republic of Guinea,
President General Assembly,
Secretary General, United Nations
Let me begin by congratulating the Minister of Foreign Affairs of Guinea, for successfully leading the Group of 77 and China amidst significant challenges.
We thank the President of the General Assembly and the Secretary General (UN) for their important remarks. Their consistent support for developing countries is commendable.
Above all we thank the 134 members of the Group of 77 and China for reposing their trust in Pakistan to lead the largest group within the UN system for the next year.
Pakistan is a founding member of Group. We have contributed steadfastly for realization of shared objectives and protection of interests of G-77 and China. We have had the privilege of Chairing the Group in New York thrice.
The world faces a three pronged challenge: the COVID pandemic; realizing Agenda 2030 for Development and; the existential threat posed by Climate Change. Needless to say, developing countries have been affected the most by the triple challenge to the detriment of their quest to achieve SDGs by 2030.
The affluent countries’ have injected over $26 trillion to stimulate their economies and recover from the COVID crisis.
The developing countries have been unable to mobilize even a fraction of the $4 trillion they need for economic recovery.
The disruption of supply chains and revived demand in the developed economies have triggered global inflation – compounding the plight of the poor, and the debt and liquidity problems of the developing countries, which are home to 80% of the world population.
Unless the challenges confronting the developing countries are addressed, the world economy will not be able to return to the path of sustained and sustainable growth. Islands of prosperity cannot exist within an ocean of poverty.
To overcome these challenges, developing countries must secure adequate financial support to address their debt, development and climate challenges. They should also have an equitable financial and trade architecture.
As the next Chair of the Group of 77 and China, Pakistan hopes to work with Members of the Group to promote a common development agenda for developing countries that includes:
– debt restructuring;
– redistribution of the 650 billion new SDRs to developing countries;
– larger concessional financing;
– mobilization of $100 billion in annual Climate Finance by the developed countries;
– ending the billions in illicit financial flows from the developing countries as well as return of their stolen assets and;
– the creation of an equitable and open trading system along with a fair international tax regime.
Pakistan believes that notwithstanding their challenges, developing countries have the greatest potential for economic growth. But, they need clear parameters for equitable global growth and development to realize the promise of a more equal and inclusive world as envisioned in the 17 Sustainable Development Goals.
I thank you.
Last modified: November 30, 2021
Our foreign policy is one of friendliness and goodwill towards all the nations of the world.