ISLAMABAD: Prime Minister Shehbaz Sharif on Monday called for ways to address the issue of the “unsustainable debt burden” of Least Developed Countries (LDCs).

Addressing the 5th UN Conference on LDCs, the PM also emphasised the need for a global financial system that addresses the issues of poor countries.

He said it was a matter of great concern that six LDCs are classified as suffering from debt burden while 17 are at high risk of debt distress.

“We also need to reform the unequal financial architecture [and] make it people-centric and desi­gned to address special needs and weaknesses of LDCs,” Mr Sharif said.

He also called upon the international community to join hands in tapping the full potential of the LDCs and help put them on the road to prosperity.

PM Shehbaz said “multiple crises” have taken a heavy toll on the LDCs as their GDP growth plummeted and international trade shrunk.

This led to a rise in poverty, food insecurity and inequality, the PM said, adding that these factors compounded the distress of LDC as they fell short of their developmental goals.”

PM Shehbaz said that he was pleased to note that the Doha Programme of Action had set an ambitious target to enable 15 additional LDCs to meet the criteria for graduating from the list by 2031.

He added that the “ambitious targets” would require “revitalised global partnerships based on effective means of implementation in certain areas”.

Mr Sharif told the meeting that Pakistan was committed to implementing the programme of action, considering it as “an opportunity to accelerate sustainable prosperity” in the least developed countries.

“As we move towards the implementation of the Doha Programme of Action, Pakistan will continue to advocate several specific steps to advance sustainable development in LDCs,” he said.

The prime minister also said that the official development assistance (ODA), comprising 0.7pc of the gross national income (GNI) of the Organisation for Economic Co-operation and Development (OECD) countries, must be fulfilled. He said that 0.15 to 0.2pc must be allocated to LDCs.

He added that there are still steps needed to be taken to address inequalities among the countries.

Firstly, we must address vaccine inequality through adequate and timely access to safe and effective vaccines for LDCs, Mr Sharif said.

Pakistan was committed to the supply of safe and effective vaccines and the allocation of resources for LDCs, the prime minister said.

He added that universal access to social protection should also be provided in order to support the most “needy and vulnerable”.

Lastly, an ‘international technology pact’ aligned with the UN’s sustainable development goals (SDGs) should be adopted to allow easy access for developing countries to build productivity and bridge the digital divide.

“This would enable the least developed and other developing countries to participate on an equal footing in the emerging knowledge-based economy.”

The PM said partnerships of LDCs with developed nations as well as the private sector and civil society were significant for global prosperity.

He emphasised the need for exploring opportunities to ensure sustainable development in the places where international assistance was needed the most.

He said the LDCs needed major investments in health, education and social protection systems to fully implement ‘Agenda 2030’ and achieve Sustainable Development Goals (SDGs).

He pointed out that it was a matter of great concern that six LDCs had been classified as under extreme burden and added that the needy nations required a system of social protection.

The prime minister lauded the Doha Programme of Action 2031 particularly its concrete measures including the online universities, food stock system and investment support centre.

He congratulated the emir of Qatar for the successful hosting of the conference and the FIFA Football World Cup.

‘Calls for a new awakening’

“At 5th UN Conference on Least Developed Countries, I cautioned against [the] world’s increasing indifference [and] fatigue to help the LDCs fight the pandemic of inequality, climate change [and] massive disruption in global supply lines. Motto ‘Leaving no one behind’ calls for a new awakening,” the PM tweeted later on Monday.

After attending the conference, the prime minister returned to Lahore after concluding his two-day visit to Qatar.

Earlier on Sunday, the PM had met Qatar’s Emir Sheikh Tamim bin Hamad Al Thani on the sidelines of the conference.During the meeting, the two leaders discussed ways to strengthen bilateral cooperation, investment, trade and employment opportunities for skilled manpower, according to a press release issued after the meeting.

Published in Dawn, March 7th, 2023