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PM calls suspension of debt re-payments for poor countries until end of pandemic

PM calls suspension of debt re-payments for poor countries until end of pandemic
January 25, 2021

ISLAMABAD (92 News) - Suggesting a five-point frame work to fight the pandemic and recovering economies, Prime Minister (PM) Imran Khan he said debt re-payments for the most stressed countries should be suspended until the end of the pandemic.

He was addressing virtually the 4th Session of the United Nations Conference on Trade and Development Intergovernmental Group of Experts on Financing for Development on Monday.

The prime minister has called for devising a viable framework for equitable and affordable supply of COVID-19 vaccine to developing countries. He said coverage of the COVAX facility must be expanded enabling the developing countries to spend their precious resources on socio-economic development needs.

The premier said public-sector debt under an agreed and inclusive multilateral framework should be restructured and concessional financing through multilateral development banks should also be expanded.

He called for general allocation of Special Drawing Rights of 500 billion dollars to help alleviate balance-of-payment pressures.

Imran Khan also stressed on world community to take measures for the return of stolen assets held by corrupt politicians and criminals.

He said the developed countries should meet the agreed target of mobilizing 100 billion dollars annually for climate action in developing countries.

Counting on Pakistan's measures to combat Covid-19, the Prime Minister said our efforts have been aimed at ensuring that we save people from dying from the virus, and at the same time preventing them from dying from hunger.

He said our strategy fortunately has worked well so far but continuous efforts are needed to fully overcome the second wave of the virus.