Covid-19 triggered global economies

Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh addressing UN meeting of the Ministers of Finance on Sustainable Development in the Era of COVID-19 and Beyond through video conference in Islamabad on September 08, 2020.

ISLAMABAD, Sep 8 (APP): The Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh on Tuesday said that Covid-19 pandemic had triggered the global crisis of a sort that have not seen since the great global depression and it was time to a collective action to achieve sustainable economic development.

While, addressing the United Nations meeting of the ministers of finance on “Sustainable Development in the Era of Covid-19 and Beyond”, he said 06 discussion groups were convened under this forum which had identified the set of menu of action to address the challenges.

The debt relief is a quickest way to create fiscal space, he said adding that Prime Minister Imran Khan called for foreign debt relief initiative in April to provide fiscal space. He said that UN Group on Debt Vulnerability had also suggested the action including extension of debt of suspension for another year and coverage of small countries.

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He said that G-20 countries also asked multi-national lenders to participate in Debt Service Suspension Initiative (DSSI), adding that we hope they would do so.

Dr Abdul Hafeez Shaikh further said that debt cancellation from the least developed countries needed serious consideration in order to protect their economies form the negative impact of global pandemic and putting them on fast track of sustainable economic development.

He said that near term measures which could cover both private and official creditors that includes debt swap for Sustainable Development Goals, health, climate change and regional resilience.

He informed that Pakistan attaches its special importance to ending illicit money flow and look forward the report of the panel, adding that we must terminate tax evasion, money laundering of corrupt politician, criminal and terrorist.

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He also highlighted the role of governments and central banks for resources mobilizing for the development of the countries, adding that it could help to generate more resources for economic development.