‘International community should deliver on commitments’: PM asks world to operationalise the Loss and Damage Fund

Prime Minister Shehbaz Sharif has said that as part of his interactions during the Summit for a New Global Financing Pact, he drew world leaders’ attention to the exogenous shocks that created polycrisis for developing countries like Pakistan.

In a statement issued by the Premier, it is mentioned that shocks from floods badly affected stalling growth. “Supply chain disruption became the reason for back-breaking inflation, and Pakistan faced a $30 billion loss due to an unprecedented flood,” it read.

The PM also mentioned that it’s essential for the international community to deliver on the commitments they made at COP 27 in Sharm al-Sheikh, Egypt, adding that the operationalization of the Loss and Damage Fund should be based on the principle of equity.

“The world should also use the present economic and climate turbulence as an opportunity for course correction,” the PM stated.

He has also said, “The starting point could be rethinking the global financial architecture where International Financial Institutions (IFIs) design their programmes to be pro-growth and aligned with Sustainable Development Goals (SDGs) and climate justice goals.”