PM: Debt relief for economically stressed Nations needed Suggests 5-point framework to fight pandemic, recover.

Islamabad -- Prime Minister Imran Khan on Monday shared a five-point agenda to address the structural barriers in global prosperity. He proposed the equitable supply of the coronavirus vaccine in developing countries and once again appealed for the suspension of debt repayments for the most financially stressed countries until the end of the pandemic.

The prime minister was the keynote speaker at the fourth session of the United Nations Conference on Trade and Development Intergovernmental Group of Experts on Financing for Development in Geneva.'The coverage of the Covax facility must be expanded. This would enable the developing countries to spend their precious resources on socio-economic development needs,' he said.The premier urged the suspension of debt repayments for the most stressed countries until the end of the pandemic. He suggested restructuring of the public-sector debt under an agreed and inclusive multilateral framework besides expanding concessional financing through multilateral development banks.

Khan called for the general allocation of Special Drawing Rights of $500 billion to help alleviate balance-of-payment pressures. He also urged devising a viable framework for equitable and affordable supply of Covid-19 vaccine to developing countries.

He stressed on the international community to take measures for the return of stolen assets held by corrupt politicians and criminals. He said that developed countries should meet the agreed target of mobilising $100 billion annually for climate action in developing countries.

'The world today is grappling with a series of interlinked and unprecedented public health and economic crises. While the coronavirus does not discriminate between the rich and the poor, the most vulnerable people and countries have suffered the most,' he said, adding that millions were likely to fall below the poverty line as a result. Covid-19 vaccines are now being administered in developed countries but it seems like it will take much longer for the vaccines to fully cover the Global South. Sustainable development will remain elusive as long as the pandemic persists.'

Referring to his call last year for a global initiative on debt relief for developing countries including Pakistan, he said 'much more needed...