G20 and IMF flood relief insufficient - Press Release issued by Federation of Pakistan Chambers of Commerce and Industry.

Karachi -- September 26, 2022 (PPI-OT)

Following is the text of press release issued by Federation of Pakistan Chambers of Commerce and Industry (FPCCI)

Quote

FPCCI's Presidential candidate Atif Ikram Sheikh on Sunday said debt repayments of 3 billion 68 million dollars deferred by G20 countries and IMF expected relaxations are insufficient. Rich polluting nations, which grew their economies through heavy use of fossil fuels should discharge their responsibility by compensating developing countries for the devastating impacts caused by the climate crisis, he said.

The international community is showing indifference towards Pakistan to help it respond effectively to the flood-related challenges, he added.

Atif Ikram Sheikh said that the government has reduced the growth target from five percent to two percent, but even achieving this revised target will be a miracle as the economy is reeling from inflation, the payments crisis and the continued depreciation of the rupee. In a statement issued here, the business leader said that heads of some important countries and international institutions are appealing for Pakistan's help, but the progress in this direction is unsatisfactory.

Tens of millions of Pakistanis are forced to suffer the punishment for the crimes they never committed, he said, adding that diseases and epidemics have broken out in the camps established for the flood affected while the government does not have the resources to deal with the problem.

If Pakistan does not get full support from the international community...

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