Covid-19 problem requires global solution: PM.

Byline: Kalbe Ali

ISLAMABAD -- Prime Minister Imran Khan reiterated on Thursday that the Covid-19 pandemic was a global problem that required a global solution, urging the developed world to 'put their minds together'.

'If developed countries put their minds together and treat this as a global situation, I think we will all come out of it unscathed. Right now things look bleak, but if we treat it as a global issue the world will come out of it,' Prime Minister Khan said while addressing a virtual High-Level Event on Financing for Development (FFD) in Era of COVID-19 and Beyond.

The event was hosted by the prime ministers of Canada and Jamaica and the UN secretary general.

About 50 leaders took part in the event on development financing, including Italian Prime Minister Giuseppe Conte, South African President Cyril Ramaphosa, Canadian Prime Minister Justin Trudeau, British Prime Minister Boris Johnson and Costa Rican President Carlos Alvarado Quesada. Several leaders, such as German Chancellor Angela Merkel and French President Emmanuel Macron, said the crisis could be an opportunity to grow a 'more resilient' economy to aid the fight against global warming.

Addressing a world event online, Imran shares his vision on possible ways to address debt issue, financial challenges facing developing countries

PM Khan said that when Pakistan imposed lockdown measures to curb the spread of the virus, everything came to a standstill, as it did in most economies of the world, and the biggest issue for economies like Pakistan was to look after the most vulnerable section of population, and the people affected in the non-formal sector of economy.

In his address, the prime minister shared his vision on possible ways to address the debt issue and the enormous financial challenges facing developing countries. He said that while these problems had been faced by most countries, the developing world had taken a larger hit. He maintained that when compared with the stimulus packages of other developed countries, the developing world had only given $7 trillion to stimulate their economies.

'When you compare that with the developing world, unfortunately we do not have the fiscal space to revive our economy, to look after the most vulnerable section of our society. Out of a population of 220 million, almost 150m were counted among the most vulnerable section including the non-formal sector, daily wagers, weekly wagers, whose families are dependent on them earning...