Saturday, December 9, 2023

Caretaker PM welcomes China's announcement of setting up $10b fund for implementation of GDI

Caretaker PM welcomes China's announcement of setting up $10b fund for implementation of GDI
September 20, 2023 Web Desk

NEW YORK (92 News) - Caretaker Prime Minister Anwaru Haq Kakar participated in a high level meeting on Global Development Initiative (GDI) Cooperation Outcomes on Tuesday.

In his remarks, the prime minister highlighted that progress towards achieving the SDGs has suffered a serious setback due to the poly crises of Covid, conflict and climate change. He expressed Pakistan’s support for the GDI and commended the milestones achieved in its implementation, the most recent being the successful launch of the Inter-Agency Task Force on GDI.

He stressed that China’s Belt and Road Initiative and the China-Pakistan Economic Corridor are vital vehicles for achieving the SDGs. He highlighted the need for action in 5 key areas – food production, infrastructure investment, industrialization, resilient healthcare systems and the bridging the digital divide. The prime minister further highlighted the necessity of adequate and appropriate finance at all levels of the development process and welcomed President Xi’s announcement of the setting up another fund of $10 billion dedicated to the implementation of the GDI.

In conclusion, the Prime Minister stated that Pakistan looks forward to enhancing its cooperation with China and other members of the Group of Friends of GDI to realize their collective aspiration for implementation of the SDGs.

The event also heard opening remarks by Han Zheng, Vice President of China, Dennis Francis, President of the General Assembly, and other high-level dignitaries, as well as a video briefing and presentation on GDI cooperation.

The GDI was proposed by Chinese President Xi Jinping on September 20, 2022.

Meanwhile, Caretaker Prime Minister Anwaarul Haq Kakar participated in the SDG Summit Leaders Dialogue on the topic of ‘Mobilizing finance and investments and the means of implementation for SDG achievement’. 

In his remarks, the prime minister highlighted that eight years after the adoption of Agenda 2030, only 12% of the SDG targets are on track, with the poly-crises of Covid, climate and conflict having devastated the economies of developing countries. "This has been further exacerbated by a ‘morally bankrupt’ international financial architecture."

He stressed that at the forthcoming CoP28, Pakistan will seek climate justice, including the fulfillment of the pledge to provide over $100 billion annually in climate finance, allocation of half of this to climate adaptation and the urgent launch of the Fund for “loss and damage”.

The Prime Minister welcomed the inclusion of many proposals advanced by Pakistan and other developing countries in the SDG Summit Political Declaration, including endorsement of the Secretary General’s SDG Stimulus, early capitalization of Multilateral Developments Banks, re-channelling of Special Drawing Rights (SDRs) for development, and reform of the international financial architecture. He proposed the creation of a Working Group of the General Assembly to ensure the immediate implementation of these agreements.