PM Kakar stresses adequate financing for poor nations at SDG summit

F.P. Report

NEW YORK: Caretaker Prime Minister Anwaarul Haq Kakar on Tuesday called for providing adequate resources to the poor nations while achieving the Sustainable Development Goals (SDGs).

Taking part in the SDG Summit Leaders Dialogue 6 on topic “Mobilizing finance and investments and the means of implementation for SDG achievement”, he said that eight years after the adoption of Agenda 2030, only 12 per cent of the SDG targets were on track, with the poly-crises of Covid, Climate and Conflict having devastated the economies of developing countries.

“This has been further exacerbated by a ‘morally bankrupt’ international financial architecture.”

The SDG Summit, taking place on 18-19 September, marks the half-way point for achieving the 2030 Agenda and the Sustainable Development Goals.

PM Kakar stressed that at the forthcoming CoP28, Pakistan will seek climate justice, including the fulfillment of the pledge to provide over $100 billion annually in climate finance, allocation of half of this to climate adaptation and the urgent launch of the Fund for “loss and damage”.

The prime minister welcomed the inclusion of many proposals advanced by Pakistan and other developing countries in the SDG Summit Political Declaration, including endorsement of the Secretary General’s SDG Stimulus, early capitalization of Multilateral Developments Banks, re-channelling of Special Drawing Rights (SDRs) for development, and reform of the international financial architecture.

He proposed the creation of a Working Group of the General Assembly to ensure the immediate implementation of these agreements.

Kakar expressed Pakistan’s support for the Global Development Initiative (GDI), highlighted the need for adequate financing and called for action in key areas to achieve the Sustainable Development Goals.

He expressed Pakistan’s support for the GDI and commended the milestones achieved in its implementation, the most recent being the successful launch of the Inter-Agency Task Force on GDI.

Prime Minister Kakar stressed that China’s Belt and Road Initiative and the China-Pakistan Economic Corridor were vital vehicles for achieving the SDGs.

He stated that Pakistan looked forward to enhancing its cooperation with China and other members of the Group of Friends of GDI to realise their collective aspiration for the implementation of SDGs.

The event also featured the opening remarks by Vice President of China Han Zheng, President of the General Assembly Dennis Francis, and other high-level dignitaries, as well as a video briefing and presentation on GDI cooperation.