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Thursday, May 26, 2022
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    HomeBusinessPakistan assumes chairmanship of Group of 77, China

    Pakistan assumes chairmanship of Group of 77, China

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    Pakistan assumed chairmanship of the Group of 77 and China (G-77) for the 12 months 2022, on Friday. Overseas Minister Makhdoom Shah Mahmood Qureshi presided over the proceedings of the opening section of the handover ceremony held in a digital format, which was additionally attended by the outgoing Chair Overseas Minister of the Republic of Guinea, UN Secretary-Basic, and President of the UN Basic Meeting.

    Talking on the event, the Overseas Minister lauded the numerous contributions made by G-77 in the direction of advancing the financial and social aims of growing nations in worldwide growth negotiations on the United Nations and past. He harassed the necessity to retain cohesion and unity in G-77’s collective endeavours to advertise prosperity in circumstances of fairness and equality.

    The Overseas Minister supplied concrete concepts for addressing the triple disaster being confronted by the world today- the COVID-19 pandemic; the associated financial downturn; and the menace posed by local weather change.

    On COVID-19 pandemic, the Overseas Minister highlighted that the general public well being disaster had affected the growing nations disproportionately. He referred to as for common distribution of vaccine as the perfect response to the mutating virus.

    Relating to the pandemic-induced world financial recession, the Overseas Minister underscored the necessity for mobilizing sources from all potential sources together with debt restructuring; success of the 0.7 % ODA goal; redistribution of the $650 billion new SDRs; and bigger concessional finance from the IMF and the multilateral growth banks, in addition to by curbing the illicit outflow of trillions of {dollars} from growing nations.


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