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His Excellency Dr. Morissanda Kouyate, Minister of Foreign Affairs of the Republic of Guinea
His Excellency Abdullah Shahid,
President of the General Assembly,
His Excellency Antonio Gutterres,
Secretary General, United Nations
I begin by congratulating His Excellency Dr. Kouyate, Minister of Foreign Affairs of Guinea, for ably and successfully leading the Group of 77 and China during most challenging and difficult times.
I also thank the President of the General Assembly and the Secretary General for their important remarks and support to the aspirations of the developing countries.
Above all I thank the 134 members of the Group of 77 and China for reposing their trust and faith in Pakistan to lead the Group of 77 and China - the largest group within the UN system.
Pakistan is a founding member of the Group. We have contributed consistently to the shared objectives and interests of the Group and the distinct privilege to chair the Group in New York on three occasions in the past.
Mr. Chair,
The world is facing a triple challenge: the COVID pandemic and its consequences, the realization of Agenda 2030 and the SDGs, and the existential threat of climate catastrophe. Both the pandemic and climate change have had a disproportionate impact on the developing countries and reversed their progress towards achieving the SDGs by 2030.
The rich economies have injected over $26 trillion to stimulate their economies and recover from the COVID crisis. The developing countries have been unable to mobilize even a fraction of the $4-3 trillion they need for economic recovery. The disruption of supply chains, and the revived demand in the developed economies, have triggered global inflation, compounding the plight of the poor and the debt and liquidity problems of the developing countries which are home to 80% of the world population.
Unless the challenges confronting the developing countries are addressed and overcome, the world economy will not be able to return to the path of sustained and sustainable growth. Islands of prosperity cannot co-exist within an ocean of poverty.
Yet, unless the developing countries generate the potential momentum to secure adequate financial support to address their debt, development and climate challenges, and press for an equitable financial and trade architecture, they will not succeed in overcoming these challenges.
Mr. Chair,
The developing countries need to promote a common development agenda to return to the path of sustained and sustainable growth. As the next Chair of the Group of 77 and China, Pakistan hopes to work with members of the Group to promote such a development agenda, including: debt restructuring, redistribution of the 650 billion new SDRs to developing countries, larger concessional financing, mobilization of the $100 billion in annual climate finance by the developed countries, ending the billions in illicit financial flows from the developing countries and the return of their stolen assets, and the creation of an equitable and open trading system and a fair international tax regime.
Mr. Chair,
Pakistan believes that notwithstanding their current challenges, the greatest potential for economic growth is in the developing world. But, the developing countries must set out the parameters for equitable global growth and development, and realize the promise of a more equal and inclusive world as envisioned in the 17 Sustainable Development Goals.
I thank you.