On Monday, Prime Minister Imran Khan addressing the United Nations Economic and Social Council (ECOSOC) said developing countries should be able to borrow at the lower interest rates available to developed countries.
“The liquidity and sustainability facility proposed by the Economic Commission for Africa could be one way of achieving this,” said the prime minister.
“We are implementing an $ 8 billion dollar aid package to support the poor and vulnerable, and to keep our economy afloat at the same time.”
“Now, unfortunately we are facing a third wave of the virus. God willing, we hope to beat this wave too. We need a lot of luck, like everyone does, ”said the PM.
He further said the Financial Accountability, Transparency and Integrity (FACTI) Panel had proposed 14 recommendations to stop the flow of trillions of dollars from developing countries. “This recommendation must be supported by the United Nations and all other financial institutions.”
Stolen developing country assets should be returned to them immediately, he insisted, adding, “more importantly, unconditionally.”
Unequal and exploitative investment agreements should be scrapped and revised, he said.
He also said the series of challenges posed by the Covid crisis were also an opportunity to build back better.