Pakistan’s Prime Minister, Shehbaz Sharif, has commenced a two-day diplomatic visit to France, accepting an invitation from French President Emmanuel Macron. The prime objective of his visit is to partake in the New Global Financing Pact Summit unfolding in Paris.
This gathering is anticipated to offer leaders a platform to outline a modern global strategy capable of addressing the monumental challenges associated with sustainable development, energy transition, environmental conservation, and climate change. Pakistan views this summit as an opportunity to communicate the country’s stance on these pressing issues.
In a Twitter post outlining his upcoming agenda, PM Sharif explained his central focus would be to advocate for the reformation of global financial institutions in order to combat contemporary challenges that humanity faces.
“Demands for the reformation of global financial architecture have been constantly made at various forums by scholars, policy practitioners, and world leaders, especially those from the Global South,” he noted.
PM Sharif highlighted that emerging global challenges, including climate change, rising debt levels, natural disasters, and energy transitions, have rung alarm bells across the world. He expressed his belief that the globalisation of these issues necessitates a need for innovative approaches to reimagine the global financial system, making it more representative and equitable.
The PM maintained that the New Global Financing Pact Summit could serve as a critical opportunity for the world to unite, agreeing on general principles and necessary steps for comprehensive reform of the international financial system.
PM Sharif underscored Pakistan’s role in advocating for global restructuring as a leading stakeholder in the G-77 plus China grouping, and as a country adversely impacted by climate change.
At the Summit, PM Sharif will voice Pakistan’s concerns and proposals for reformation of international financial institutions, climate finance, green infrastructure, and achieving Sustainable Development Goals (SDGs), along with addressing debt-related issues. He will also participate in bilateral meetings with other global leaders.
The French President will host a summit aiming to define a roadmap to alleviate debt burdens of low-income countries and allocate more resources for climate financing. The summit will witness a congregation of several leaders, aiming to reach a consensus on advancing numerous initiatives currently under deliberation in organizations such as the G20, IMF-World Bank, and the United Nations.
Several issues, including debt relief and climate finance, originating from the suggestions of a group of developing countries led by Barbados Prime Minister Mia Mottley, will feature on the Global Financing Pact Summit.
Although no binding decisions are anticipated, expectations are high for significant commitments concerning financing for impoverished nations. The French presidency aims to provide “political impetus” to the concept of an international carbon emissions tax, particularly from shipping, with hopes of a breakthrough at a meeting of the International Maritime Organization later this month.
The Global Financing Pact Summit marks an important stepping stone towards tangible progress for developing nations, with expectations to overhaul the global financial system in alignment with climate targets by 2030.