ISLAMABAD: Prime Minister Shehbaz Sharif passionately made the case for a new global financial system that better aligns with the interests and needs of the Global South during the Summit for a New Global Financing Pact held in Paris.
Invited by President Emmanuel Macron, the Prime Minister visited France to participate in the summit, which took place from June 22-23.
As a panellist for the Round Table on Innovative Instruments and Financing to Address Vulnerabilities, Prime Minister Sharif emphasized the need for a comprehensive reassessment to ensure the fair and equitable distribution of resources and the provision of adequate financing for sustainable development and climate goals.
He also shared Pakistan’s experience in addressing the consequences of last year’s catastrophic floods, highlighting the mobilization of a national effort for early response, resilient recovery, reconstruction, and rehabilitation.
Against the backdrop of multiple crises impacting the world, particularly developing countries, the New Global Financing Pact Summit aimed to foster a new consensus, including the reform of the international financial system, to effectively advance the global development agenda.
Pakistan, as one of the largest developing countries deeply affected by climate change, brought a crucial perspective to this critical debate.
Accompanying the Prime Minister were Minister for Climate Change and Environmental Coordination Sherry Rehman, Minister for Economic Affairs Division Ayaz Sadiq, Minister for Information Marriyum Aurangzeb, Minister of State for Finance Ayesha Pasha, and Special Assistant Tariq Fatemi.
During the summit, Sharif engaged with numerous world leaders, including the French President, Saudi Crown Prince, German Chancellor, Presidents of Brazil, Kenya, Ghana, Sri Lanka, Egypt, Niger, and Cuba, as well as Prime Ministers of Barbados and Ethiopia, and the UN Secretary-General.
He also held bilateral meetings with Chinese Prime Minister Li Qiang, President of the European Commission Ursula von der Leyen, Chairman of the Islamic Development Bank Dr. Muhammad Sulaiman Al Jasser, and Managing Director of the IMF Kristalina Georgieva.
These high-level meetings provided an opportunity to exchange views on bilateral relations and multilateral cooperation. Prime Minister Sharif emphasized the need for global solidarity and a collective approach based on enhanced cooperation and shared responsibilities in tackling global challenges of development and climate change.
