Shehbaz Sharif said 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 polycrisis 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 realising 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.