High-Level Event on FFD in Era of COVID-19 and Beyond

Prime Minister Imran Khan will be participating in a virtual High-Level Event on Financing for Development (FFD) in Era of COVID-19 and Beyond, today.

The High-Level Event is being hosted by the Prime Ministers of Canada and Jamaica and the UN Secretary General. A select number of Heads of State and Government have been invited to address the High-Level meeting.

Apart from Prime Minister Imran Khan, the Presidents of France, South Africa, Kazakhstan, the Prime Ministers of United Kingdom, Japan, Norway, Italy and Ireland, the German Chancellor and the Crown Prince of Saudi Arabia, will address the High-Level Event. The debt vulnerability of developing countries will be one of the six interlinked financial issues to be discussed at the High-Level Event.

In April, Prime Minister Imran Khan had issued a call for a “Global Initiative on Debt Relief “to create fiscal space for developing countries to enable them to recover from the current crisis and revive sustainable economic growth. In response to his call, and under Pakistan’s leadership, a representative group of developing and developed countries, and major financial institutions, have commenced informal consultations on the sidelines of the United Nations to evolve agreement on some measures and practical actions to address the debt challenge of the developing countries.

In his address to the High-Level Event, the Prime Minister will share his vision on possible ways to address the debt issue and the enormous financial challenges facing developing countries.

The invitation extended to the Prime Minister reflects the recognition of his role as a sincere spokesman for the developing countries and the timeliness of his call for collective action to overcome the debt distress of so many developing countries. This recognition has enabled Pakistan to bring together a credible group of countries, including the largest economic powers, to address the debt issue.

The Prime Minister’s leading role in advancing solutions to the vital issues of debt, liquidity, investment and sustainable development will greatly enhance the prospects for Pakistan and other developing countries to secure the international support, solidarity and cooperation needed to ensure a rapid recovery from the most serious recession the world has faced since the Great Depression a century ago.