The Prime Minister has called for a moratorium on exorbitant claims against some developing countries in investment disputes and unequal and exploitative investment agreements should be cancelled and revised.
ISLAMABAD: (UrduPoint/Pakistan Point News-April 12th, 2021) Prime Minister Imran Khan has said stolen assets of developing countries must be returned immediately and more importantly unconditionally.
He was virtually addressing the UN Economic and Social Council Forum on Financing for Development today.
The Prime Minister called for a moratorium on the exorbitant claims against some developing countries in investment disputes and unequal and exploitative investment agreements should be cancelled and revised.
He welcomed the proposal from the IMF Managing Director to create 650 billion Dollars in new SDRs, and appreciate the support for this from the largest shareholders, including the US,China, the EU and Japan. He said the IMF, the World Bank and other development banks now have an ample capacity to enlarge concessional financing for developing countries and the forthcoming IDA replenishment should be enlarged to 60 billion dollars. He said developing countries should also be able to borrow from the markets at the prevailing low interest rates which are available to developed countries.
Imran Khan said he proposed a Global Initiative on Debt Relief and it is good that the G-20's Debt Suspension has been extended. He said its scope needs to be enlarged to encompass all vulnerable countries, especially the Small Island Developing States.
Talking about climate change, Imran Khan said developed nations must fulfil their commitments under the Paris Agreement and mobilize 100 billion dollars annually in climate finance as they have promised. He said fifty percent of this must be devoted to adaptation programs of developing countries.
The Prime Minister also urged the forum to opt for unconditional international cooperation to face the challenges like Covid-19 pandemic. He said anti-Covid vaccine should be available to everyone, everywhere, as soon as possible.
