The Prime Minister will soon be leaving for Paris. Initiation of a World Agreement on Financing
At the meeting, Shehbaz will advocate for a reorganization of global financial institutions.
Radio Pakistani photo of Prime Minister Shehbaz Sharif at Pakistan Air Force Base Nur Khan Atchaklala in Rawalpindi on June 21 en route to Paris.
On the 21st of June, Pakistani Prime Minister Shehbaz Sharif arrived at Pakistan Air Force (PAF) Base Nur Khan in Chaklala, Rawalpindi to board an aircraft to Paris. Radio PHOTO After receiving an invitation from French President Emmanuel Macron, Pakistani Prime Minister Shehbaz Sharif has gone for a two-day official visit to France.
The purpose of his trip to Paris is to attend the Summit for the New Global Financing Pact.
Islamabad expects the leaders to use the summit to debate the outlines of a new global architecture that may help pay for the pressing issues of climate change, sustainable growth, and the environment.
On Twitter, the Prime Minister explained that during his future trip, he will continue to emphasize “presenting Pakistan’s position on the need for restructuring of international financial institutions to fight the contemporary challenges facing humanity.”
Public policy experts, policy practitioners, and world leaders, notably those from the Global South, have “long been a key demand relentlessly made at different forums” for change of international financial architecture, he said.
Climate change, natural disasters, the environment, rising debt levels, and energy transitions are all serious problems that have prompted calls for action.
Because the world’s problems are so interconnected, we need innovative solutions to reimagine the international monetary system so that it is more democratic and fair.
Here’s where the world may seize a once-in-a-generation chance to agree on broad principles and initiatives toward reforming the international financial system at the New Global Financing Pact Summit in France.
He also said that “as a leading stakeholder in G-77 plus China grouping and also as a country adversely hit by climate change threat, Pakistan is better positioned” to make the case for such a global reorganization.
As head of one of the largest developing countries most impacted by climate change, the PM will speak at the Summit.
He will discuss Pakistan’s position on and ideas for fixing the world’s broken international monetary system, as well as its climate finance, green infrastructure, Sustainable Development Goals, and debt problems.
On the sidelines of the Summit, he will also meet with other world leaders in one-on-one sessions.
“An emerging agreement”
On Thursday and Friday, Macron will host a gathering to finalize a plan to reduce the debt of low-income nations and increase resources for climate financing.
Dozens of world leaders will convene in the French capital to discuss how to advance several programs that are stalled in organizations including the G20, the IMF-World Bank, and the United Nations.
Many of the items on the agenda, such as climate funding and debt relief, are based on recommendations from the Bridgetown Initiative, a group of developing countries led by Barbados’ Prime Minister Mia Mottley.
Avinash Persaud, Mottley’s special envoy on climate finance, has said, “We are moving to a world – I would call it the Bridgetown system of finance – that recognises that we have to massively upscale the public sector and focus that on building resilience and adaptation because it is hard to fund that any other way.”
Some significant assurances should be made about money for impoverished nations, according to those engaged in the summit’s organizing, but no binding agreements are envisaged.
Macron has stated that the summit’s primary objective is to establish a “new consensus” in order to achieve the interdependent global goals of alleviating poverty, reducing emissions that contribute to global warming, and safeguarding biodiversity.
Shipping, fossil fuel, and financial transaction taxes, new forms of lending, and a fundamental rethinking of the IMF and World Bank are just some of the ideas being considered.
About fifty leaders of state and government will gather in France for a two-day summit that the French government says is more of a forum for exchanging ideas before a series of key economic and climate talks in the coming months.
With an International Maritime Organization meeting coming up at the end of June, the French presidency has expressed a desire to provide “political impetus” to the idea of a global tax on carbon emissions from ships.
Because of the rich countries’ failed commitments to fund climate change mitigation and adaptation, poor countries are eager to see results.
The V20 group of leading economies on climate change, which currently numbers 58 countries, has called for the global financial system to be restructured by 2030.
