(CTN News) – Pakistan has warned that the increasing debt in several emerging nations threatens their ability to maintain their economies.
Mohammad Aamir Khan, Pakistan’s deputy permanent representative to the UN, said on Friday that steps to lower borrowing costs and fiscal resources should be made available to poor nations.
He said this Friday before the UN Commission on Social Development’s 61st session.
In addition, the official asked international financial institutions to support developing countries in meeting their objectives and repaying debt during these difficult economic times.
If the economic collapse was allowed, Mr. Aamir Khan warned that it would result in “huge human misery.”
The Pakistani representative told the gathering that the international community has failed to lessen inequality despite amazing human and social development advancements.
More than any other problem in recorded history, the pandemic of inequities is now wreaking havoc on people’s lives and means of subsistence, he said.
Additionally, numerous nations face an immediate prospect of economic collapse and debt imbalances, which would result in tremendous human misery.
Last summer, a severe flood struck Pakistan, according to Ambassador Aamir Khan, prompting the government to provide financial assistance to two million families.
He said that despite having limited resources, we raised $1.5 billion for emergency assistance.
He emphasized the necessity for developing countries to get debt relief and restructuring.
The nine-day meeting, which is taking place at the UN’s New York headquarters, looks at several options for “generating full and productive employment for everybody” after the Covid-19 epidemic.
Lachezara Stoeva, the UN Economic and Social Council chairperson, stressed the importance of putting people first by preparing young people “for the labor market via education, training, and early job experience.”
According to a recent analysis by an impartial UN expert, poor nations continue to pay more annually than they get despite repeated debt rescheduling.
“The most indebted emerging nations cannot maintain their growing debt loads. It is one of the biggest barriers to sustainable development and poverty eradication, the research cautioned.
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