Remarks at the 45th Annual Meeting of Foreign Ministers of the Group of 77 (G-77) Virtual Format (Tuesday, 30 November 2021)

Your Excellency the Minister of Foreign Affairs of the Republic of Guinea,

President General Assembly,

Secretary General, United Nations

Let me begin by congratulating the Foreign Minister of Guinea for successfully leading the Group of 77 and China amidst significant challenges.

We thank the President of the General Assembly and the Secretary-General (UN) for their valuable remarks. His continued support for developing countries is commendable.

Above all we thank the 134 members of the Group of 77 and China for trusting Pakistan to lead the largest grouping within the United Nations system for the next year.

Pakistan is a founding member of the group. We have consistently contributed to safeguarding the shared objectives and interests of the G-77 and China. We have had the privilege of chairing the group three times in New York.

Mr President,

The world is facing a three-pronged challenge: the COVID pandemic; Realizing the 2030 Agenda for Development and; The existential threat posed by climate change. Needless to say, developing countries have been the hardest hit by the triple challenge of losing their effort to achieve the SDGs by 2030.

Rich countries have injected over $26 trillion to stimulate their economies and overcome the COVID crisis.

Developing countries have been unable to raise even a fraction of the $4 trillion needed for economic recovery.

Disruptions in supply chains and revived demand in developed economies have fueled global inflation – the plight of the poor, and the credit and liquidity problems of developing countries, which are home to 80% of the world’s population.

Unless the challenges faced by developing countries are addressed, the world economy will not be able to return to the path of sustained and sustainable development. Islands of prosperity cannot exist within an ocean of poverty.

To overcome these challenges, developing countries must obtain adequate financial support to meet their debt, development and climate challenges. They should also have a similar financial and business architecture.

Mr President,

As the next chairman of the Group of 77 and China, Pakistan looks forward to working with the group’s members to promote a common development agenda for developing countries that includes:

– debt restructuring;
– redistribution of new SDR 650 billion to developing countries;
– large discounted financing;
– raising $100 billion in annual climate finance by developed countries;
– eliminating the illegal financial flows of billions from developing countries, as well as the return of their stolen assets and;
– Creation of an equitable and open trade system with a fair international tax regime.

Mr President,

Pakistan believes that despite their challenges, developing countries have the greatest potential for economic growth. But, they need clear parameters for equitable global growth and development in order to realize the promise of a more equal and inclusive world envisioned in the 17 Sustainable Development Goals.

I thank you

Last modified: November 30, 2021