Pakistan’s debt trap has become death trap, PM Shehbaz tells WEF

Prime Minister Shehbaz Sharif said on Monday that the country’s debt trap has become a death trap, calling it the biggest challenge for his government.

He made these remarks while addressing the closing session of the World Economic Forum (WEF) in Riyadh, Saudi Arabia.

“We have a serious problem of inflation before us. And then we have a debt trap, I prefer calling it a death trap, which has crumbled our economy.”

The premier said Pakistan has smaller carbon footprints, yet sees the brunt of climate change disasters.

“Pakistan is one of those countries which has nothing to do with the reasons leading to climate change. Our contribution to emissions is not even a fraction of one percent.”

Due to catastrophic floods in Pakistan, large swathes of land were submerged and millions of houses and animals were washed away and stagnant water brought water-borne diseases all across the country, he continued.

He said his government spent Rs 100 billion from scarce resources for relief and rehabilitation of flood affected people.

“We are grateful to friendly countries including Saudi Arabia, Gulf countries, United Kingdom, the United States and many others for their support at a difficult time.”

Pakistan’s economy suffered losses of $30 billion because of floods and then it approached international entities in Geneva and other places, had to borrow loans at expensive rates due to the natural disaster which was not its fault, he mentioned.

“Our country was hit in a way which I had not seen in my life time,” he remarked. He gave example of his family to express his determination and resolve to put Pakistan on the road to progress and prosperity.

Earlier, the premier apprised founder and co-chair of the Bill and Melinda Gates Foundation (BMGF), Bill Gates that Pakistan was working tirelessly to eradicate polio from the country.

He made these remarks during a meeting with Gates on the sidelines of the WEF special meeting in Riyadh today.

The premier stressed that a sustained effort was required by all partners to reach the ultimate goal of a polio-free nation.

The PM thanked the BMGF for its longstanding support for polio eradication in Pakistan and reaffirmed his commitment to continue working closely with Gates to ensure a stronger partnership between Pakistan and the BMGF.

While speaking at a panel discussion on ‘Redefining Global Health Agenda’ on Sunday, the premier highlighted “inequities in global healthcare” and termed them as the “foremost problem”.

PM Shehbaz said he was struck by a “nasty” cancer back in 2003 and he had to spend thousands of dollars from his pocket to undergo surgery in New York.

“And I wondered how many people in my country can afford this kind of expensive treatment,” the premier said, adding that when he later became the chief minister of Punjab, he built hospitals specialising in treatment for kidney and liver diseases as well as cancer.

PM Shehbaz reached Riyadh, Saudi Arabia on Saturday to attend the two-day WEF’s Special Meeting on Global Collaboration, Growth and Energy starting on April 28, 2024.

The invitation was extended by Muhammad bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, and Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, the foreign office said earlier.

As per details, PM Shehbaz was accompanied by a high-level delegation, including Foreign Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb.