Statement by Mr. Ahmad Naseem Warraich, Counsellor, on Agenda Item 18: Follow-up to and Implementation of Monterrey Consensus and Doha Declaration on Financing for Development (New York, 13 October 2011)

Mr Chairman,

We thank the Secretary General for his useful report on the agenda item under discussion.

Pakistan associates itself with the statement made by the distinguished representative of Argentina on behalf of the Group of 77 and China. We would make some additional points in our national capacity.

Mr. Chairman,

There is a broad agreement on how every individual can be enabled to lead a life of dignity and how development efforts of the ones lagging behind can be helped. The Millennium Declaration enumerates our noble ideas on progress of all peoples of the World. The Monterrey Consensus contains an agreement on our commitment to strengthen our partnership to finance developing countriesí economic progress and development.

Many among us have made progress towards securing a more prosperous and better future. The United Nations system has made an important contribution in assisting development efforts of developing countries. Development partners, too, have played an important role.

Regrettably, however, while there is no dearth of articulation of our goals, delivery of agreed solutions leaves much to be desired. The current Global Financial and Economic Crisis is a harsh reminder of the urgency of implementing what we have previously agreed. Once again, we, the international community, have an opportunity to muster the necessary political will to address our inadequacies in supporting sustained economic growth as well as inclusive and sustainable development.

Mr. Chairman,

There is no gainsaying the fact that in this regard pro-growth, people centric national policies and governance structures are critically important. There is no substitute for sound domestic socio-economic policies and good governance. We cannot overemphasise that improving lives of citizens is, first and foremost, a national responsibility.

To discharge its responsibility towards the citizenry, the Government of Pakistan has developed a framework for economic growth drawing appropriately upon the national development experience. At the General Debate of this Committee, we highlighted some salient features of this framework. Our focus is on enhancing efficiency and productivity through efficient and knowledgeable government structures as well as vibrant, attractive and well connected markets.

Mr. Chairman,

Development cannot materialize without financial resources. Official Development Assistance is an important source of financing for many developing countries. We had welcomed the commitment of 0.7% of GNI as ODA made by most of the developed countries. We also stress the importance of fulfilling those commitments. Amidst the current grim economic situation, there is a need for enhanced and predictable official development assistance, aligned with development priorities of developing countries aimed at not only to improve social development indicators but also build productive capacities necessary for sustained growth.

International capital flows, in particular foreign direct investment should be encouraged to reach a wider circle of developing countries. FDI should be attuned with long term economic growth.

Mr. Chairman,

Innovative mechanisms for development financing are important. However, some old ideas such as SDRís link with development financing merit consideration as well.

We believe that the development potential of trade must be unlocked through an early agreement on an open rules-based and equitable trading system. Alongside, developing countries should be helped to improve their export capabilities as well as diversify their export base.

We cannot overemphasize the need for an inclusive and equitable international financial and monetary system conducive to development. We also underline the need for an effective resolution of unsustainable levels of debt of developing countries.

Mr. Chairman,

Pakistan looks forward to working with the international community to overcome the implementation deficit and bridge the existing gaps to ensure that implementation of policies is commensurate with our vision. Given its unquestioned legitimacy and representative character, the United Nations should continue to lead our efforts to foster a spirit of genuine partnership.

I thank you.