Pakistan has urged for developing a “coherent and effective” solution to the urgent problems with food, fuel, and money that have harmed the poorest countries and their citizens, widening inequalities between and within countries.
The COVID-19 pandemic, climate change, and conflicts, according to Ambassador Munir Akram, were the “biggest challenges” facing the globe during a discussion on the goal of maintaining multilateralism.The Pakistani representative stated at a high-level meeting of the Economic And social Council (ECOSOC) on Monday that “it is time to utilise the international methods of the UN system to create a coherent reaction to the immediate challenges of Food, Fuel, and Finance and revive the hopes for the realisation of the SDGs (Sustainable Development Goals).
Speaking specifically on how these issues affect impoverished countries, he noted that sixty nations are on the verge of economic collapse, millions of jobs have been destroyed, inflation is out of control, and the SDGs and 2030 Agenda are becoming more and more out of reach.In the global South, we are dealing with an existential economic crises, said Ambassador Akram.
The UN made gallant attempts to assemble a successful international response during and after the pandemic, led by the Secretary-General and ECOSOC, noting some debt relief and financing from IFIs (International Financial Institutions).
Ambassador Akram noted that despite this, “international support has been insufficient.”
He stated the developing nations were not given the financial room and liquidity to recuperate from the economic effects of the Covid crisis, noting that vaccine inequities had prolonged the epidemic. Due to the disruptions in food and fuel caused by the Ukraine war and associated limitations, they have now become the main victims of distribution network shocks and runaway inflation.