Ishaq Dar urges the world community to create a more equitable global financial architecture

SAMOA, Oct 26 (SABAH): Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar has urged the world community to create a more equitable global financial architecture.

Addressing the Executive Session of the Commonwealth Heads of Government Meeting in Apia, Samoa, Ishaq Dar said the global community should prioritize debt relief and restructuring, sustainable investments in resilient infrastructure, enhanced access to climate financing and digital and financial inclusion in addition to strengthening multilateral cooperation.

Ishaq Dar said Pakistan recognizes the pressing need for investments in health, education and infrastructure, yet it faces significant challenges due to the limited access to international financial markets and impacts of climate change.

The Deputy Prime Minister said Pakistan’s proactive participation in Commonwealth’s working groups on digital economy and sustainable finance is reflective of its commitment to integrating innovative solution into the economic strategy.

Ishaq Dar said that Pakistan is deeply committed to the Commonwealth’s core principles and shared values, of the promotion of democracy and strengthening of democratic institutions, as enshrined in the Commonwealth Charter, which calls for democracy, the rule of law, and respect for human rights, across our diverse membership. These principles not only unify us, but also fortify our collective resilience as democracies.

He said that Pakistan acknowledges the Commonwealth’s pivotal role in supporting free and fair elections, good governance, democratic practices, and access to justice. Commonwealth initiatives have been critical in enhancing the resilience of political systems globally, and we in Pakistan, have benefited immensely from this support. Our close partnership with the Commonwealth reflects our shared aspiration to uphold democratic values, while fostering strong and transparent institutions.

Ishaq Dar said that we also recognize the significance and dynamism of the Secretary General’s Good Offices, which we think could play a more constructive role in mediating inter-State disputes. This approach, rooted in respect for the sovereignty of member states, and non-interference in their internal affairs, would prove instrumental in helping member nations in peacefully resolving conflicts, without compromising their democratic integrity. The Commonwealth’s impartial stance promotes dialogue, mutual understanding, and ultimately, stronger democratic institutions.

Ishaq Dar said that as far as the Commonwealth’s role in supporting countries to harness the potential of Artificial Intelligence and transformative technologies for development is concerned, let me assure you, that we are keen to harness the power of transformative technologies and digitalization to further enhance our trade and investment potential. We believe that transformative technologies, if utilized appropriately, can unlock the path of progress and development, for our Commonwealth community. Pakistan’s pro-active participation in Commonwealth’s Working Groups on digital economy, and sustainable finance, is reflective of our commitment to integrating innovative solutions, into our economic strategies. By investing in digital infrastructure and embracing e-commerce and fintech solutions, Pakistan aims to create a more connected economy that empowers businesses to access international markets more easily.

Ishaq Dar said that financing for Development is a vital component in our pursuit of sustainable growth and prosperity. As a developing nation, with over 240 million people, Pakistan recognizes the pressing need for investment in education, health, and infrastructure. Yet, we face significant challenges, due to limited access to international financial markets and the impacts of climate change. We urge the global community to prioritize debt relief and restructuring, sustainable investments in resilient infrastructure, enhanced access to climate financing, and digital and financial inclusion, while also advocating strengthened multilateral cooperation, to create a more equitable global financial architecture. Financing for Development is not just an economic issue, but a moral imperative. By implementing innovative and inclusive strategies, we can unlock the potential of developing countries, ensuring that no one is left behind. Pakistan stands ready to collaborate with our partners to achieve our shared development goals.

Ishaq Dar said that this forum surely covers political, cultural and democratic subjects, but in my humble opinion, it is high time to consider more focus on economic and financial matters, which are the need of the hour of our members of the Commonwealth fraternity.

“Finally, I am happy to reaffirm Pakistan’s abiding solidarity with the Commonwealth fraternity, its 56 distinct and diverse members, representing nations of the Global South and the Global North, united by common legacies, shared convictions and joint aspirations. Together, this fraternity must aim and work hard for a resilient future, which is very much shared, and leads to shared development, peace and prosperity” Ishaq Dar concluded.