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Stolen assets of developing countries must unconditionally be returned, PM says

ISLAMABAD: Prime Minister Imran Khan addressing Monday the Economic and Social Council (ECOSOC) of the United Nations said developing countries should be able to borrow at prevailing lower interest rates available to the developed countries. 

The world’s top banks including the IMF, World Bank have now ample capacity to enlarge concessional finances for the developing countries, PM Imran Khan suggested. “The liquidity and sustainability facility proposed by the Economic Commission for Africa could be one of the ways to achieve this,” said the PM. He further said the Financial Accountability, Transparency and Integrity (FACTI) Panel has proposed 14 recommendations to stop the outflow of trillions of dollars from developing countries. “These recommendations should be endorsed by the United Nations and all other financial institutions.”

The stolen assets of the developing countries must be immediately returned to them, he urged and added, “more importantly, unconditionally.” I proposed to FACTI Panel an imposition of global minimum corporate tax to avoid profit shifting and tax avoidance by large corporations, the PM told ECOSOC session.

“I endorse the US proposal for such a global minimum corporate tax as a moratorium should be declared on the exorbitant claim rates adjudicated against some developing countries in investment disputes,” Khan said. Unequal and exploitative investment agreements should be canceled and revised, he said. He also said the set of challenges posed by the Covid crisis “is also an opportunity to build back better”.

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