PM Kakar calls international financial system ‘morally bankrupt’

NEW YORK: Caretaker Prime Minister (PM) Anwaarul Haq Kakar has called the international financial system ‘morally bankrupt’ amid the challenges being faced by developing nations to meet the Sustainable Development Goals (SDGs).

The caretaker prime minister made these remarks while addressing the SDG Summit Leaders Dialogue on the sidelines of the 78th United Nations General Assembly session in New York.

The SDG Summit, which took place from 18-19 September, marks the half-way point for achieving the 2030 Agenda and the Sustainable Development Goals.

The United Nations set the SDGs in 2015 to ensure zero hunger, reduced inequalities, clean water and sanitation, decent work and economic opportunities, responsible consumption and production along with peace and justice.

Addressing the summit, PM Kakar highlighted that eight years after the adoption of Agenda 2030, only 12pc of the SDG targets are on track, with the poly-crises of Covid, Climate and Conflict having devastated the economies of developing countries.

“This has been further exacerbated by a morally bankrupt international financial system,” the prime minister was quoted as saying by the PM Office.

PM Kakar further said Pakistan would “seek climate justice, including the fulfillment of the pledge to provide over $100 billion annually in climate finance,” during the 2023 United Nations Climate Change Conference (CoP28) in Dubai later this year.

The caretaker PM also said that Pakistan will also seek allocation of half of $100 billion climate finance to climate adaptation and the urgent launch of the Fund for “loss and damage”.

Meanwhile, he also welcomed the inclusion of many proposals advanced by Pakistan and other developing countries in the SDG Summit Political Declaration, including endorsement of the Secretary General’s SDG Stimulus, early capitalisation of Multilateral Developments Banks, re-channeling of Special Drawing Rights (SDRs) for development, and reform of the international financial architecture.

Anwaarul Haq Kakar proposed the creation of a Working Group of the General Assembly to ensure the immediate implementation of these agreements.

It is pertinent to mention here that Prime Minister Anwaarul Haq Kakar is in New York to attend 78th Session of the UN General Assembly began today.

Prime Minister Anwaarul Haq Kakar will also attend the banquet to be hosted in honour of world leaders by US President Joe Biden.

Theme for the 78th session is “Rebuilding trust and reigniting global solidarity: Accelerating action on the 2030 Agenda and its Sustainable Development Goals towards peace, prosperity, progress and sustainability for all.”