According to a Baaghi TV report, addressing the UN General Assembly, Prime Minister Imran Khan has said that the world’s poorest countries have been hit hardest by the corona virus and are unable to manage their economies, their loans should be deferred until the epidemic is over.
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The Prime Minister of Pakistan said that the Corona epidemic is a serious problem after the Second World War and affected more poor countries. He said that developed countries should take serious steps to deal with Corona.
Prime Minister Imran Khan, in his address to the UN General Assembly, also presented a ten-point agenda to deal with Corona.
“We have to work together to control Corona,” he said. Developed countries provide funds to increase the growth rate. He said that the debts of the poorer countries should be forgiven. Special funds of 500 billion should be allocated to provide concessional loans to less developed countries.
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The Prime Minister also demanded restructuring of loans of developing countries. Poor countries are more affected, with 100 million people in developing countries living in poverty.
The Prime Minister said that our successful lockdown policy in Pakistan was to not only protect the people from the virus but also to protect them from hunger. Provided that was 3% of our GDP. So far our policy has been successful, but now we are facing another wave of more dangerous viruses than ever before, we are now facing the challenge of sustaining our economic growth and growing cases.
Imran Khan added that Pakistan is committed to reducing the budget deficit in the IMF program. I believe that the rest of the developing countries will face the same problem, this is the only way to reduce the budget deficit and develop the economy. The way is access to more financial resources. Last April, I appealed for debt relief. I am grateful that the G20 countries canceled their debt repayments in May and extended it until June next year.
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The Prime Minister said that he appreciated the immediate facilitation of loans from the IMF and the World Bank but the financial resources that have come from all of them are insufficient to help developing countries recover from the economic crisis caused by Corona.
Imran Khan presented a 10-point agenda to tackle the economic crisis.
First: The debts of developing and economically depressed countries should be written off by the end of the epidemic.
Second: The loans of the poorest countries should be suspended.
Third: Loans to developing countries should be restructured on the basis of a multilateral framework.
Fourth: Allocating 500 billion, and giving special financial powers for its use.
Fifth: Providing subsidized financial assistance to low-income countries through multilateral development banks.
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Sixth: Establishment of new liquidity facility to provide short term loans at low cost.
Seventh: Fulfilling Promises to Provide 0.7% Development Assistance.
Eighth: To mobilize 1.5 trillion annually in investment for sustainable infrastructure.
Ninth: A target of 100 billion worldwide must be met for action on climate change.
Tenth: Immediately stop the illegal transfer of money from developing countries to rich countries and offshore safe havens, as well as ensure the immediate return of stolen assets of corrupt politicians and criminals.
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“I assure you that this one step will benefit developing countries more than any other step,” he said.
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