PM Shehbaz Sharif urges 'innovative' financial reforms to achieve SDGs

Prime Minister Shehbaz Sharif emphasised the necessity for significant changes to the global financial system in order to achieve the sustainable developmental goals (SDGs) during an address at the United Nations' first virtual Summit of the Future Global Call in New York on Friday.

In his address, which was made via a video appearance, PM Shehbaz called for increased concessional financing, Official Development Assistance, and greater lending from multilateral development banks.

He also outlined strategies for economically vulnerable nations to achieve the SDGs and address worldwide challenges as part of a detailed plan presented to global leaders at the meeting.

The prime minister also spoke about the "constant threats to the concept of collectivism", noting that in times of unprecedented global challenges and escalating conflicts, "we are at risk of permanently damaging the notion of 'we'".

He said a collective "we" requires a degree of equality and justice and that the plight of the people of Gaza is a mockery of the concept of collectivism.

The premier stressed the need for innovative financial solutions to address debt challenges, including "climate debt swaps" and "equitable debt relief mechanisms".

He said while technological advancements offer great opportunities for progress, it is vital that these technologies are accessible to all, particularly the citizens in the Global South.

The prime minister said open access to innovations can empower our people and at the same time, new technologies require new and effective safeguards to prevent the world from their possible misuse.

He said injustices and inequalities create avenues for malign actors, both locally and globally, particularly in nations grappling with climate vulnerability and high debt, which also face terrorism and disinformation.

The prime minister said effective international cooperation is more urgent today than ever before to counter these harms.