Islamabad, April 19, 2022 (PPI-OT):Mr. Chair, Excellences, Ladies and Gentlemen, On behalf of G77 and China, I would like to thank you for the invitation to attend this meeting and thus enhance coordination between our Groups. Excellencies, 2. It is timely for the international financial institutions to focus on sustainable and inclusive recovery: from the Covid, environmental and development crises.

3. The developing countries have suffered disproportionately and require international financial and other support, to address these triple crises. 4. The developed economies have injected around $17tn dollars in economic stimulus [to their econ-omits].

The developing countries, meeting an estimated $4.3 trillion, have been able to mobilize around $100 billion in additional financing so far. 5. Sustainable global recovery will not be possible if the majority of the world’s population is left be-hind.

Excellencies, 6. First, the vaccine inequity must end. 7. Second, adequate financing is critical. To this, the Group proposes: (i) Mobilization of larger concessional assistance to developing countries which need it to save lives and livelihoods and stabilize economies;

(ii) Extension of the debt service suspension by all creditors and early action to ease unsustainable debt; (iii) The voluntary re-allocation of at least $250 billion of the unutilized new SDRs to the developing countries; (iv) expanded lending by the MDBs; and their recapitalization; (v) Reduction in the market borrowing costs for developing countries; (vi) Earliest fulfilment of the commitment to provide $100 billion plus in annual climate finance, aiming to achieve a balance be-tween mitigation and adaptation; (vii) Access to private capital for sustainable development projects.

8. Third, it is vital that the recovery should be a pathway to a sustainable global economy, in particular by investment in sustainable, quality and resilient infrastructure, which will also create de-cent jobs and reduce poverty. 9. To this end, the MDBs, the UN and its agencies, and other relevant development actors, should enable the developing countries to prepare viable, sustainable infrastructure projects, which can ac-cess both public and private finance.

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