UNITED NATIONS: Pakistan, speaking on behalf of the developing countries’ Group of 77 and China, has voiced concern over the increasing debt vulnerabilities of developing countries, and called for strengthening the international financial institutions for long-term debt sustainability. Speaking at the UN Financing for Development Forum on Tuesday, Ambassador Munir Akram said the developing countries were facing a triple challenge — Covid-19, environmental and economic exacerbating the existing inequalities within and between countries. Pakistan is the current chairman of G-77 and China, which now has 134 members and is the United Nations’ biggest intergovernmental group of emerging countries. The Group urges developed countries to fulfill their unmet Official Development Assistance (ODA) commitments to developing countries to achieve the national target of 0.7 % of gross national income (GNI) and 0.15 to 0.20 % of ODA/GNI to the least developed countries. In addition, Ambassador Akram said, the Group emphasizes for special and differential treatment for developing countries in harnessing the developmental benefit of international trade.

Source: The Nation April 27, 2022 19:02 UTC