Islamabad, December 15, 2022 (PPI-OT):Foreign Minister Bilawal Bhutto Zardari has urged the developed countries to urgently assist developing countries to overcome immediate challenges of food, fuel and finance. In his opening remarks at G77 Ministerial Conference in New York today (Thursday), he said Group of 77 and China must take the lead in promoting the systemic and structural changes needed to revive sustainable global growth.
He called for equity in international economic relations and restoring the developing economies on a path leading to realization of the SDGs and environmental objectives. He said as the majority of developing countries are facing unprecedented challenges to their economic progress as well as the danger of social and political turmoil their economies and societies have been ravaged by a series of crises which include the Covid-19 pandemic, supply chain disruptions, spiralling prices, depreciating currencies, climate-induced disasters and geopolitical tensions like the Ukraine war.
He said besides achieving the SDG goals, the developing world also simultaneously needs to recover from the loss and damage from climate impacts and adapt to avoid future impacts. He also emphasised the mechanisms to lower borrowing costs for developing countries which should also mobilize domestic resources by building their capital markets and enhancing tax coverage and revenues. The Foreign Minister said he said it is also vital to adopt an equitable international information technology regime serving to bridge the digital divide.
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