PM Shehbaz calls for a serious rethink to ensure fair & equitable distribution of resources

ISLAMABAD, June 24 (SABAH): On the invitation of French President Emmanuel Macron, Prime Minister Mian Muhammad Shehbaz Sharif visited France to participate in the Summit for a New Global Financing Pact held in Paris from 22-23 June 2023.

According to the statement issued by the PM Office, Minister for Climate Change and Environmental Coordination Senator Sherry Rehman, Minister for Economic Affairs Division Sardar Ayaz Sadiq, Minister for Information Ms. Maryum Aurangzeb, Minister of State for Finance Ayesha Pasha, and SAPM Syed Tariq Fatemi accompanied the Prime Minister.

In the backdrop of a cascade of crises affecting the world, especially the developing countries, the New Global Financing Pact Summit aimed to promote a new consensus, including the reform of the international financial system, geared at effectively promoting the global development agenda. Pakistan as one of the largest developing countries and among the most affected by climate change brings an important perspective to this debate.

As a panelist for the Roundtable on Innovative Instruments and Financing to Address Vulnerabilities, Prime Minister Shehbaz Sharif made a passionate case for a new system that corresponds better to the interests and needs of the Global South. The Prime Minister called for a serious rethink to ensure fair and equitable distribution of resources, and provision of adequate financing for sustainable development and climate goals. He also shared Pakistan’s experience of tackling the consequences of the catastrophic floods last year, through mobilizing a national effort for early response, and resilient recovery, reconstruction and rehabilitation.

Prime Minister Shehbaz Sharif also attended a dinner hosted by President Macron for the participating Heads of State and Government. During the Summit, Prime Minister Sharif interacted with a large number of world leaders including the French President, Saudi Crown Prince, German Chancellor, Presidents of Brazil, Kenya, Ghana, Sri Lanka, Egypt, Niger, Cuba, Prime Ministers of Barbados, Ethiopia and the UN Secretary General among others.

The Prime Minister had bilateral meetings with Chinese Prime Minister Li Qiang, President of the European Commission Ursula von der Leyen, Chairman of the Islamic Development Bank Dr. Muhammad Sulaiman Al Jasser and Managing Director of IMF Kristalina Georgieva. The high level meetings afforded opportunity to exchange views on bilateral relations and multilateral cooperation. Prime Minister Sharif emphasized that global challenges of development and climate change required global solidarity and a collective approach based on enhanced cooperation and shared responsibilities.