PM urges debt relief for developing nations

Imran calls on UN for equitable vaccine roll-out

Imran Khan has urged the global community, particularly financial organisations, to offer debt suspension and relief to help developing nations recover from the crisis triggered by the Covid-19 pandemic. The Pakistan prime minister also called for a more equitable vaccine roll-out.

Addressing the virtual special segment of the UN Economic and Social Council in New York, Khan highlighted the need to mobilise funds “needed by developing countries to recover from the Covid-induced recession.

Socioeconomic fallout

Khan also asked the private creditors to “participate in providing debt relief and restructuring” to protect people from massive socioeconomic fallout” of the pandemic.

He welcomed the IMF proposal to create $650 billion in new Special Drawing Rights. Noting that G-20s debt suspension has been extended, he said that its scope should encompass all vulnerable countries, especially the small island developing states.

Khan also pushed the idea that developing countries should be able to borrow from the markets at the prevailing low interest rates available to developed countries.

Pakistan successfully contained the first two waves of the virus through a policy of “smart lockdowns” and also launched $8 billion relief package to support the poor and vulnerable, Khan said.

Vaccine nationalism

As the world is now battling the third wave of coronavirus, the international community “must ensure that the vaccine is available to everyone, everywhere, as soon as possible.”

He said production of the vaccine must be ramped up, adding that patent and technology-transfer restrictions should be waived to enable this. He deplored the “vaccine nationalism and export restrictions” as well as the use of the vaccine to advance national foreign policy objectives.