NEW YORK: The world economic system, according to foreign minister Bilawal Bhutto Zardari, is flawed and incapable to assist developing countries in resolving their issues.
Speaking during the Group of 77 and China ministerial conference’s closing session in New York, the youngest foreign minister of a country in South Asia took a harsh stance against the global order.
Bilawal Bhutto emphasised that “at least a hundred countries are reeling from the economic crisis and millions of people in these countries are forced to confront a life of hunger and poverty.”
“The world, and developing nations in particular, faced a perfect storm of difficulties.The poorest nations are being disproportionately affected by the worst economic downturn in a century, which is undoing a decade of progress.
He emphasised that “it has also become clear that the current international economic system has not been able to address the misery of developing countries.” “More than 100 nations experienced financial meltdown. Over a billion people experienced hunger and poverty. Poor nations are currently experiencing the worst recession of the century, he claimed.
He also emphasised that the current flood situation in Pakistan was an example of how poor countries were particularly vulnerable to climate change. In this year’s floods, which hit a third of the country altogether, more than 17,000 people died.