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Pakistan has been elected as the subsequent Chair of the Group of 77 for the 12 months 2022 with Islamabad promising a improvement agenda specializing in debt restructuring, concessional financing, local weather finance and ending illicit monetary flows.
The forty fifth Ministerial assembly of ‘Group of 77 and China’ was held nearly on Tuesday, the Pakistan Overseas Workplace (FO) mentioned right here in a press release. Overseas Minister Shah Mahmood Qureshi, addressing the assembly, thanked the 134 members of G-77 reposing belief in Pakistan to steer the group in 2022.
He highlighted that the world is confronted with a triple disaster: the COVID-19 pandemic and its penalties; the problem of realising the United Nations Agenda 2030 for Sustainable Growth; and the existential menace of local weather disaster.
An inclusive and equitable restoration from the present disaster would solely be potential if the creating international locations are supplied with satisfactory means, particularly monetary assets, to return to the trail of sustained and sustainable financial development, he mentioned. He underscored that as the subsequent Chair of the group, Pakistan would work with the members to advertise a improvement agenda, together with debt restructuring, redistribution of the USD 650 billion new Particular Drawing Rights (SDRs) to creating international locations and bigger concessional financing.
He additionally promised to work for the mobilisation of the USD 100 billion in annual local weather finance by the developed international locations, ending the billions in illicit monetary flows from the creating international locations and the return of their stolen property, and the creation of an equitable and open buying and selling system and a good worldwide tax regime.
Qureshi emphasised that the creating international locations wanted to advertise a Widespread Growth Agenda to attain the UN Sustainable Growth Objectives (SDGs) by 2030. The Group of 77, established in 1964, is the biggest intergovernmental grouping of creating international locations within the United Nations. It gives the means for the international locations of the International South to articulate and promote their collective financial pursuits inside the UN system.
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