Monday, October 3, 2022

PM Shehbaz to address UNGA session today with focus on flood-havoc

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NEW YORK: Prime Minister Shehbaz Sharif will address the 77th United Nations General Assembly (UNGA) session today with his speech focusing on climate-induced catastrophic floods in the country, ARY News reported on Friday.

According to details, the Prime Minister will highlight the massive devastation left behind by the deadly climate-induced floods, and appeal for international help to deal with the catastrophe.

During the UNGA session, PM Shehbaz Sharif will outline concrete proposals for collectively tackling the existential threat posed by climate change.

He will also share Pakistan’s position and perspective on regional and global issues of concern including Jammu and Kashmir, which is one of the long-standing unresolved disputes on the UN agenda.

It is pertinent to mention here that heavy rains and subsequent floods have affected 33 million Pakistanis, inflicted billions of dollars in damage, and killed over 1,500 people – creating concern that Pakistan will not meet its debts.

Meanwhile, the Financial Times – citing a UN policy memo – reported that Pakistan should suspend international debt repayments and restructure loans with creditors after recent floods added to the country’s financial crisis.

The newspaper said the memorandum, which the UN Development Programme will share with Pakistan’s government this week, states that the country’s creditors should consider debt relief so that policymakers can prioritise financing its disaster response over a loan repayment.

The memo further proposed debt restructuring or swaps, where creditors would let go of repayments in exchange for Pakistan agreeing to invest in climate change-resilient infrastructure, FT said.

 

 

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