PM asks rich nations to help developing countries get out of debt traps

NEW YORK: Prime Minister Shehbaz Sharif on Tuesday called upon the developed nations to help the developing countries come out of debt traps mainly caused by the climate change related natural disasters.

“In 2022, we had the worst flooding in our history due to climate change and that was not our fault. We do not contribute even a fraction of a percent in terms of carbon emissions,” the prime minister said while addressing the SDG Moment 2024 Meeting on the sidelines of 79th United Nations General Assembly Session. He said the developed and rich countries were responsible for the emissions and they should take responsibility and come to the help of the developing societies. “This is very important, otherwise this unbalanced, and unjust unfair system will lead to nowhere,” he stressed.

During floods in 2022, he said, Pakistan had to face loss of $30 billion and “yet we are asked to borrow money, to pay borrowed money and loans. This vicious circle of debt trap, a death trap will not help at all the developing societies.” The prime minister pointed out that the financing gaps of Sustainable Development Goals (SDGs) run into trillions of dollars as the developing countries like Pakistan had to struggle to raise funds in that regard. He said Pakistan faced terrorism in worst form after 9/11 that was pushed from across the border in which some 80,000 Pakistanis were martyred.

“Finally we have been able to beat them [terrorists], but we lost US$150 billion in the process,” he added. PM Shehbaz, while highlighting his efforts to promote education first in Punjab as chief minister and then in the entire country as the prime minister, said he had transformed the education system. “I have introduced multiple initiatives to promote education and empower those segments of society which could not afford education for their children, for example Punjab Endowment Education Fund (PEEF) provides voucher scheme for girls and boys to get admission in schools in remote areas.” PEEF, probably the largest fund in South Asia, he added, benefited hundreds of thousands of children who were high achievers but came from very poor background. It provided stipends to students to get education wherever they wanted in the country or abroad. He said he also set up Danish Schools which were only for talented poor and orphaned children. The schools with beautiful buildings were equipped with smart boards, besides quality teachers, books, and bags, etc, and many of their students were now serving the country as doctors, engineers and scientists, he added.

He said his government also started vocational training in the education institutions besides initiating a skilled development programme. However, still there were some 25 million out of school children in the country and steps were underway to get them enrolled. Separately, talking to President of the Maldives Dr Muizzu on the sidelines of UNGA 79th Session, Shehbaz reaffirmed Pakistan’s commitment to enhancing cooperation with the Maldives in the fields of trade, tourism, education, investment and climate change. During the meeting, both leaders underscored the deep-rooted ties between Pakistan and the Maldives.

Both leaders agreed on the need for increased people-to-people exchanges and collaborative efforts to promote economic growth and sustainable development in their respective countries. The two sides also recognised the shared responsibility of South Asian nations to work together for peace, prosperity and stability of the region. Earlier, the prime minister, along with a high-level delegation, arrived here in New York to attend the annual session of the 193-member UN General Assembly and address other meetings, besides meeting the participating leaders on the sidelines. Defence Minister Khawaja Asif, Information and Broadcasting Minister Attaullah Tarar, Federal Education and Professional Training Minister Khalid Maqbool Siddiqui and Special Assistant to PM Tariq Fatemi are members of the prime minister’s delegation. He will hold an informal interaction with the world leaders at a reception hosted by the UN secretary-general for the dignitaries participating in the UNGA session. Separately, PM Shehbaz felicitated Dr Harini Amarasuriya on becoming Sri Lanka’s prime minister, expressing the confidence that the multi-faceted cooperation between Pakistan and Sri Lanka would grow during her tenure. “Congratulations to Hon. Dr. Harini Amarasuriya on assuming office as the new Prime Minister of Sri Lanka. I wish her all the success. I am confident that the multi-faceted cooperation between Pakistan and Sri Lanka will grow during her tenure,” the prime minister wrote on his X account.