logo
At UN forum, Pakistan urges global financial reforms, debt relief to bridge SDG funding gaps

At UN forum, Pakistan urges global financial reforms, debt relief to bridge SDG funding gaps

Arab News4 days ago
ISLAMABAD: Pakistan's Deputy Prime Minister Ishaq Dar on Monday stressed the need for concessional financing and debt relief for developing nations to bridge funding gaps in meeting global sustainable development goals (SDGs).
The comments came during Dar's address at a debate of the High-Level Political Forum on Sustainable Development's (HLPF) Ministerial Segment in New York for the follow-up and review of the 2030 Agenda for Sustainable Development and its 17 SDGs.
The 2025 HLPF is themed around advancing sustainable, inclusive, science- and evidence-based solutions for the 2030 Agenda and its SDGs, including good health and well-being, gender equality, decent work and economic growth.
Speaking at the forum, Dar said only 35 percent of the Agenda 2030 SDGs were on track and the compounding effects of the pandemic, food, fuel and finance crises as well as intensifying climate impacts had reversed the hard-won development gains and deepened inequalities.
'While national efforts are essential, these cannot succeed in isolation,' he said, calling for a 'deep reform' of the international financial architecture to implement the SDGs.
'Developing countries need scaled up access to concessional and grant-based resources, meaningful debt relief, and scaled-up climate finance in order to bridge the SDG financing gap.'
The statement comes as Pakistan treads a long path to economic recovery while facing adverse impacts of climate change, with extreme weather events frequently affecting the South Asian country in recent years. So far this monsoon, more than 200 people have lost their lives in Pakistan as heavy rains continue to last parts of the country.
Dar said his country was scaling up climate action, targeting 60 percent renewable energy by 2030, and enhancing resilience through various initiatives.
'Our revised nationally determined contribution is nearing finalization,' he said. 'We have also undertaken key macroeconomic reforms to stabilize our fiscal outlook and make the investment climate even more attractive.'
The Pakistani deputy PM said the Compromiso de Seville, a renewed global framework adopted at the Fourth International Conference on Financing for Development this month, offered a clear roadmap to tackle the challenges of financing sustainable development.
The framework focuses on closing the $4 trillion annual financing gap for the SDGs, addressing debt crises, and reforming the international financial system.
'Its implementation must begin without delay,' Dar added.
Dar is on a week-long visit to the United States to preside over the key events in the UN Security Council during Pakistan's presidency for the month of July, according to the Pakistani foreign office.
He is also scheduled to hold a meeting with UN secretary-general as well as president of the UN General Assembly in New York.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Pakistan's deputy PM, US state secretary hold first in-person talks amid diplomatic reset
Pakistan's deputy PM, US state secretary hold first in-person talks amid diplomatic reset

Arab News

timean hour ago

  • Arab News

Pakistan's deputy PM, US state secretary hold first in-person talks amid diplomatic reset

ISLAMABAD: Pakistan's Deputy Prime Minister and Foreign Minister Ishaq Dar held his first face-to-face meeting with US Secretary of State Marco Rubio in Washington on Friday in what is widely viewed as a significant diplomatic engagement amid renewed efforts by both countries to reshape their bilateral relationship. The meeting at the State Department came just a few days after a US official hinted at a bilateral meeting between the two countries without elaborating on the schedule or the agenda earlier this week. Dar is currently on an eight-day visit to the United States where he kept a busy schedule in New York where he chaired several high-profile United Nations Security Council meetings under Pakistan's rotating presidency this month. He highlighted the need for multilateralism, peaceful dispute resolution and his country's own strategic concerns after an intense, four-day-long military standoff with India earlier this year amid Indian accusations of terrorism and its decision to cut off river water flows to Pakistan. 'This is the first face-to-face meeting between the foreign ministers of Pakistan and the United States,' the foreign office said in a statement. 'The two leaders exchanged views on enhancing cooperation in economic, trade, counterterrorism and investment matters.' Last month, US President Donald Trump hosted Pakistan's army chief, Field Marshal Asim Munir, for a rare one-on-one lunch at the White House in a visit that followed the India-Pakistan standoff, which ended with a US-brokered ceasefire on May 10. Trump also discussed Iran with Munir, saying Islamabad understood Tehran 'better than most.' The recent interactions between Pakistani and American officials are widely viewed as a reset of their ties after years of estrangement that all but eliminated such high level meetings between both sides. The revival of military and political dialogue between the two countries come as Pakistan is also holding trade talks with Washington after the Trump administration imposed 29 percent 'reciprocal tariffs' on Pakistani exports in April. Pakistan's finance chief, Muhammad Aurangzeb, who also visited Washington this month, said the two countries were now working to shift their economic ties 'from one focused on trade to one anchored in long-term investment.' After meeting US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, Aurangzeb said priority sectors had been identified, including minerals, mining, artificial intelligence and cryptocurrency regulation. He also hinted at 'leadership-level' announcements in the days ahead. Friday's meeting between Dar and Rubio was described by the Foreign Office as reflecting the 'longstanding partnership' between Pakistan and the US. Rubio welcomed Dar on his arrival at the State Department for what officials on both sides described as an 'important' meeting.

Pakistan president invites Saudi investment, praises Riyadh's support in critical times
Pakistan president invites Saudi investment, praises Riyadh's support in critical times

Arab News

time2 hours ago

  • Arab News

Pakistan president invites Saudi investment, praises Riyadh's support in critical times

KARACHI: President Asif Ali Zardari on Friday invited Saudi businesses to explore investment opportunities in Pakistan, underscoring the historic relationship between the two countries and Riyadh's critical role in helping Islamabad through difficult times. Zardari's remarks come as Pakistan looks to attract foreign investment to strengthen its economy. Saudi Arabia played a key role in stabilizing Pakistan's finances in recent years, depositing $2 billion into Pakistan's central bank in June 2023 to bolster foreign reserves. The Kingdom also helped unlock a $3 billion loan from the International Monetary Fund later in the same year. 'Pakistan and Saudi Arabia enjoy deep-rooted and historic relations based on shared faith and mutual trust,' the president said during a meeting with Saudi Ambassador Nawaf bin Said Al-Malki in Islamabad according to a statement circulated by the presidency. 'We invite Saudi investors to explore investment opportunities in various sectors of the Pakistani economy.' The Saudi financial assistance to Pakistan two years ago came as the South Asian nation's reserves had dropped to a level where it could barely cover a few weeks of imports, bringing the country to the brink of sovereign default. Zardari expressed appreciation for Riyadh's continued support during the meeting and called for deeper engagement between the two nations on regional and international forums. Pakistan has been trying to further strengthen its economic relations with the Gulf countries amid improving macroeconomic indicators. It also signed 34 memorandums of understanding worth $2.8 billion with Saudi Arabia in October 2024, part of Islamabad's broader push to accelerate its economic recovery through export-led growth and foreign investment.

Pakistan president invites Saudi investment, acknowledges Riyadh's support in critical times
Pakistan president invites Saudi investment, acknowledges Riyadh's support in critical times

Arab News

time3 hours ago

  • Arab News

Pakistan president invites Saudi investment, acknowledges Riyadh's support in critical times

KARACHI: President Asif Ali Zardari on Friday invited Saudi businesses to explore investment opportunities in Pakistan, underscoring the historic relationship between the two countries and Riyadh's critical role in helping Islamabad through difficult times. Zardari's remarks come as Pakistan looks to attract foreign investment to strengthen its economy. Saudi Arabia played a key role in stabilizing Pakistan's finances in recent years, depositing $2 billion into Pakistan's central bank in June 2023 to bolster foreign reserves. The Kingdom also helped unlock a $3 billion loan from the International Monetary Fund later in the same year. 'Pakistan and Saudi Arabia enjoy deep-rooted and historic relations based on shared faith and mutual trust,' the president said during a meeting with Saudi Ambassador Nawaf bin Said Al-Malki in Islamabad according to a statement circulated by the presidency. 'We invite Saudi investors to explore investment opportunities in various sectors of the Pakistani economy.' The Saudi financial assistance to Pakistan two years ago came as the South Asian nation's reserves had dropped to a level where it could barely cover a few weeks of imports, bringing the country to the brink of sovereign default. Zardari expressed appreciation for Riyadh's continued support during the meeting and called for deeper engagement between the two nations on regional and international forums. Pakistan has been trying to further strengthen its economic relations with the Gulf countries amid improving macroeconomic indicators. It also signed 34 memorandums of understanding worth $2.8 billion with Saudi Arabia in October 2024, part of Islamabad's broader push to accelerate its economic recovery through export-led growth and foreign investment.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store