Prime Minister Shehbaz Sharif has emphasized the need for comprehensive reforms in the global financial system to achieve the Sustainable Development Goals (SDGs).
He made this call during his address at the first virtual session of the United Nations' 'Summit of the Future Global Call' in New York.
The prime minister highlighted the necessity for increased concessional financing, greater Official Development Assistance (ODA), and enhanced lending from multilateral development banks to support these goals.
In his address, Shehbaz presented a proposal to world leaders, outlining a plan for economically vulnerable countries to meet the SDGs and tackle global challenges. He warned that in today’s world, marked by escalating conflicts and unprecedented global challenges, the very idea of collective unity -- the "we" -- was at risk. He pointed to the suffering of the people in Gaza as a stark example of this erosion.
The PM also stressed the importance of innovative financial solutions to address debt issues, suggesting climate debt swaps and equitable debt relief mechanisms as viable options.
While recognizing the immense potential of technological advancements, he emphasized the need to ensure that such technologies are accessible to everyone, especially citizens in the global south. He also called for safeguards to prevent the misuse of these technologies.
Shehbaz Sharif further noted that global injustices and inequalities create opportunities for malign actors, both within and across nations, particularly in regions facing high debt, climate vulnerability, terrorism, and disinformation. He called for stronger international cooperation to address these pressing challenges, stressing that such collaboration is more critical now than ever before.
