ISLAMABAD: Prime Minister Shehbaz Sharif has called for significant reforms of the international financial framework for achieving the Sustainable Developmental Goals (SDGs).

Addressing the first virtual session of the “Summit of the Future Global Call” at the United Nations in New York, the Prime Minister said that it requires enhanced concession financing, increased Official Development Assistance, and greater lending from multilateral development banks.

He also presented a plan to the world leaders for economically weak countries to achieve the SDGs and to fight the global challenges. He also outlined strategies for economically vulnerable nations to reach the SDGS and to address global challenges.

In his address, the Prime Minister also stressed the need for innovative financial solutions to address debt challenges, including climate debt swaps and equitable debt relief mechanisms.

He also highlighted the “constant threats to the concept of collectivism”, saying that in times of unprecedented global challenges and escalating conflicts, “we are at risk of permanently damaging the notion of we.”

“Today, in times of unprecedented global challenges and escalating conflicts, we are at risk of permanently damaging the notion of “We”. A collective “We” requires a degree of equality and justice… The plight of the people of Gaza is a mockery of this “We”, Prime Minister Sharif said while referring to the continued Israeli occupation forces aggression against Gaza.

While technological advancements offer great opportunities for progress, he added that it is vital that these technologies are accessible to all, particularly the citizens in the Global South. He added that open access to innovations can empower the people and at the same time, new technologies require new and effective safeguards to prevent the world from their possible misuse.

“Injustices and inequalities create avenues for malign actors, both locally and globally, particularly in nations grappling with climate vulnerability and high debt, which also face terrorism and disinformation,” he asserted, adding that effective international cooperation is more urgent today than ever before to counter these harms.

Copyright Business Recorder, 2024