Daily Times

Prime Minister Shehbaz Sharif on Friday urged the international community to deliver the commitments made at COP 27 in Sharm al-Sheikh and also operationalize Loss and Damage Fund on the principle of equity.

“The international community should deliver on the commitments they made at COP 27 in Sharm al-Sheikh, including the operationalization of Loss and Damage Fund on the principle of equity; provision of grants that don’t increase the indebtedness of developing countries; enabling climate-vulnerable countries to access the Fund on the basis of a climate vulnerability index,” he said in a tweet.

He said that as part of his interactions during the Summit for a New Global Financing Pact, he drew world leaders’ attention to the exogenous shocks that created the poly-crisis for developing countries like Pakistan. These shocks, he said resulted in stalling growth, supply chain disruptions caused commodity prices to soar, leading to back-breaking inflation and then extreme weather events precipitated unprecedented floods that cost Pakistan $30 billion in losses.

“The inability to bridge the financing gaps to achieve Sustainable Development Goals (SDGs) coupled with the cost of realizing climate goals is inflicting a heavy cost on the world, running into trillions of dollars annually,” he added.

The prime minister said the world should use present economic and climate turbulence as an opportunity for course correction. The starting point could be rethinking the global financial architecture where IFIs design their programs to be pro-growth and aligned with SDGs and climate justice goals. “The world faces a moment of truth. Let us all vow to rise to the challenge hand in hand in a spirit of solidarity and compassion,” he added.

Meanwhile, Prime Minister Shehbaz Sharif on Friday urged the overseas Pakistanis to play their role to expose the anti-Pakistan propaganda in their respective countries, besides condemning the arson that took place on May 9.

The prime minister, in an interaction with the representatives of the Pakistani community in France as well as the Pakistan Business Forum, told the expatriates that the arsonists of May 9 were spreading lies to instigate the people abroad.

The prime minister is visiting Paris to attend the New Global Financing Pact Summit hosted by France. He said the overseas Pakistanis were Pakistan’s ambassadors and an asset, and that their services for the country’s development were laudable. Prime Minister Shehbaz told the community members that through its tough economic decisions, the incumbent government saved the country from default.

During the last four years, the economy was pushed to the verge of collapse, and unemployment and inflation were at their peaks, he added. The prime minister said that having inherited an isolated Pakistan on the diplomatic fronts, his government made constant efforts throughout the year to revive foreign relations.

He said the recently unveiled Economic Revival Plan would prove to be a milestone to restore Pakistan’s economic position and that a Special Investment Facilitation Council had been established to remove impediments to investment.

Prime Minister Shehbaz said that only economic sovereignty and stability could guarantee a safe future for Pakistan.

Minister for Information and Broadcasting Marriyum Aurangzeb and Special Assistant to the PM Tariq Fatemi also attended the meeting. The representatives of the overseas Pakistanis in France also presented a bouquet to the prime minister. Separately, Prime Minister Shehbaz Sharif on Friday met President of the EU Commission Ursula von der Leyen here on the sidelines of the New Global Financing Pact Summit. The prime minister thanked the President of the Commission for her participation in the Resilient Pakistan Conference held in Geneva on January 9 this year.

He conveyed Pakistan’s commitment to continue working in close collaboration with the European institutions for rehabilitation and reconstruction in the flood-affected areas.

The prime minister appreciated high-level interactions between Pakistan and the European Union and renewed an invitation to the EU Commission president to visit Pakistan.

Recalling the importance of GSP Plus, the prime minister noted with satisfaction that it was on track as there was a strong political commitment in that regard.

The EU Commission president lauded Pakistan’s efforts to recover from the 2022 floods and assured continued support.

She appreciated the level of ongoing cooperation between the EU and Pakistan, including GSP Plus.

After the meeting, Ursula von der Leyen tweeted that the trade preference measures had already helped Pakistan increase exports to the EU by 65% over the past eight years.

She also vowed to continue supporting reconstruction after the floods in Pakistan.

Prime Minister Shehbaz Sharif, in response to her tweet, acknowledged the vital support extended by the EU in the rehabilitation and reconstruction of the flood-hit areas as well as its active participation in Resilient Pakistan Conference in Geneva.

“GSP Plus has provided a strong boost to our exports and continues to remain critical to our economy. My government is keen to further build on our strong partnership with EU. It is my pleasure to invite you for a visit to take our relationship forward in line with the vast potential at trade, economic and political levels,” he added.