Current global economic system has not been efficient enough to deal with the problems of developing countries: FM Bilawal
NEW YORK, Dec 17, (SABAH): Foreign Minister Bilawal Bhutto Zardari has called for ensuring early operationalization of the Loss and Damage Fund and its adequate resourcing.
Addressing the concluding session of G77 Ministerial Conference in New York, FM Bilawal Bhutto Zardari said we must mobilize massive investment in sustainable infrastructure.
The Foreign Minister stressed on obtaining valuable solutions to problems of un-sustainable debt.
Bilawal Bhutto Zardari commended the Secretary General of UN for proposing SDG Stimulus initiating Black Sea grain deal and calling for the reform in the international financial architecture. He expressed his deep appreciation to all the members of conference for their active participation and valuable contribution.
Bilawal Bhutto-Zardari said that the current global economic system has not been efficient enough to deal with the problems of developing countries.
“At least a hundred countries are reeling from the economic crises and millions of people in these countries are forced to face a life of hunger and poverty,” he said. “The world, especially developing countries, faced a perfect storm of challenges. The deepest economic recession in a century is disproportionately affecting the poorest countries and reversing a decade of development,” he emphasised.
“It also has become evident that the existing international economic system has been unable to respond to the plight of developing countries,” he asserted. “Over a hundred countries faced financial collapse. Over a billion people faced hunger and the destitute.”
He said that the most severe recession of the century is impacting poor countries as it has shifted the direction of development that was achieved over the last decade.
Bilawal Bhutto pointed out that an increasing number of climate change-caused calamities are affecting poor countries as the recent flood disaster in Pakistan is an example of the catastrophe.
Bilawal Bhutto-Zardari on Saturday pointed out flaws in the world economic system, saying it was unable to help the developing countries cope with their problems.
The youngest foreign minister of the South Asian country came down hard on the international system while speaking at the concluding session of the Group of 77 and China ministerial conference in New York.
“At least a hundred countries are reeling from the economic crises and millions of people in these countries are forced to face a life of hunger and poverty,” Bilawal Bhutto highlighted. “The world, especially developing countries, face a perfect storm of challenges. The deepest economic recession in a century is disproportionately affecting the poorest countries and reversing a decade of development.”
The worst recession of the century is being faced by the poor nations, he said. He also highlighted that poor countries were most vulnerable to the climate change as the recent flood crisis in Pakistan was an example of it. More than 1,700 people were killed in this year’s deluge that affected one-third of the country.