The premier said that Pakistan warmly welcomes the proposal from the IMF Managing Director to create 650 billion dollars in new SDRs, and appreciate the support for this from the largest shareholders, including the US, China, the EU and Japan.
“The IMF, the World Bank and other development banks now have an ample capacity to enlarge concessional financing for developing countries. The forthcoming IDA replenishment should be enlarged to 60 billion dollars.”
He said that the developing countries should also be able to borrow from the markets at the prevailing low interest rates which are available to developed countries. “The liquidity and sustainability facility, proposed by the Economic Commission for Africa, could be one of the ways to achieve this.”
PM Imran Khan said that the panel on Financial Accountability, Transparency and Integrity (FACTI) has proposed 14 recommendations to halt the outflow of trillions of dollars from developing countries.
PM Imran reiterated that the developed nations must fulfill their commitments under the Paris Agreement and mobilise 100 billion dollars annually in climate finance as they have promised. “50 per cent of this must be devoted to adaptation programmes of developing countries,” he added.