UNITED NATIONS, Apr 25 : Pakistan has called for reforming the international financial architecture to effectively close the rich-poor gap and achieve the Sustainable Development Goals (SDGs).
Speaking in the the Economic and Social Council’s Financing for Development Forum, Ambassador Usman Jadoon, deputy permanent representative of Pakistan to the UN, said while there were broad blueprints to redress inequality and poverty, they were far from realization.
“We do not lack solutions, but rather, we lack the political will to implement them,” he said, pointing out the long-standing failures to fulfill the 0.7% ODA (Official Development Assistance) target and to mobilize $100 billion in annual climate finance among only two examples.
The Forum’s main aim is to prepare for the fourth International Conference on Financing for Development, to be held in 2025 from 30 June to 3 July in Spain.
On Wednesday, it held panel discussions on international trade as an engine for development; debt and debt sustainability; and addressing systemic issues.
About the forthcoming Spain conference, Ambassador Jadoon said it could rebuild North-South trust, as he stressed the need for reinvigorating political will to fulfill existing commitments and explore innovative solutions to bridge the SDG Financing gap.
In this regard, the Pakistani envoy proposed several actions, including immediate solutions to enhance fiscal space for developing countries, the necessity of a global debt deal for development, mechanisms to facilitate public and private investment in sustainable infrastructure, and revitalizing international trade as an engine of growth and development.
“Pakistan”, he said, “aims to ensure that the conference results in a financing for development architecture that is more equitable and responsive to the needs of developing countries.”
