PM Shehbaz presses West to be ‘fair’ to needy countries
• Says Pakistan offered loans, not aid, while billions spent defending other nations
• Meets French president, Saudi crown prince and UN chief on sidelines
• Briefs IMF chief on country’s economic outlook, hopes for loan deal soon
ISLAMABAD: Developed countries should distribute resources fairly to help mitigate the suffering of developing nations and ensure world peace, Prime Minister Shehbaz Sharif told a gathering of some 40 world leaders in Paris on Thursday, at a summit aimed at charting a fresh approach to tackling poverty and climate change.
The two-day New Global Financial Pact Summit, hosted by French President Emmanuel Macron, seeks to improve the lending system for developing countries.
It comes amid growing recognition of the scale of the financial challenges ahead, with warnings that the world’s ability to curb global warming at tolerable levels relies on a massive increase in clean energy investment in developing nations.
Before the summit, PM Shehbaz met several world leaders and heads of the United Nations and International Monetary Fund (IMF) and highlighted the challenges faced by developing nations, particularly because of climate change.
During his speech at the event, the premier stressed the need for a fair and equitable formula for the distribution of financial resources in the world. He decried the response of international institutions to Pakistan’s appeals for funds after floods in 2022, saying that it was offered loans whereas billions were being spent on the defence of “a country or countries”.
“Of course, we are very grateful to our friendly countries across the globe for their valuable and timely contribution, but largely, the cash amount had to be generated from our own resources,” he said.
“And when we approached international institutions, they said, ‘Well, we can give you loans.’”
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https://www.dawn.com/news/1761261/pm-shehbaz-presses-west-to-be-fair-to-needy-countries