Geneva, 11 February 2022 (TDI): The Ambassador and Permanent Representative of Pakistan to the United Nations in Geneva, Khalil Hashmi praised the efforts of the United Nations Conference on Trade and Development (UNCTAD) for bold proposals.

The Ambassador was addressing the Trade and Development Board on the behalf of the Asia Pacific Group. Khalil Hashmi stated that the role of the UNCTAD has become much more important and will play an essential part in the development of the underdeveloped states, especially in the post-Covid-19 world.

The UNCTAD is more pertinent now than any time before as the outburst of the Covid-19 pandemic has caused the economies around the world to close down and has seriously disrupted the global supply chains. Furthermore, he also appreciated the advancing bold policy proposals made by the organization for the states to recover, economically.

The proposals were to recognize the long-standing structural peculiarities in global economic architecture, draft debt relief package for developing countries, create a new and fair allocation of Special Drawing Rights.

Aside from that, the UNCTAD proposal encompasses the fulfillment of ODA and climate finance commitments by developed countries, along with the establishment of a self-sufficient credit rating agency.

The pandemic has highlighted the flaws of the states in sustaining their economic development as well as their potential to deal with this uncertain situation caused by this unexpected global catastrophe.

In addition, Ambassador Hashmi also applauded the efforts of the UN, addressing at the behest of the Asia Pacific Group, to help the states in recovering from the damages caused by the pandemic to their economic networks.