Islamabad, 7 October 2021 (TDI): Prime Minister of Pakistan, Imran Khan virtually addressed the 15th session of the United Nations Conference on Trade and Development (UNCTAD15). The session at UNCTAD World Leaders Summit aimed to addressed; Health and Climate Change.
The conference occurs quadrennial and is the highest decision making body of the UNCTAD. Following “From inequality and vulnerability to prosperity for all”, the conference aims to take concrete steps to achieve sustainable development goals (SDGs).
During his speech, Prime Minister highlighted four issues and the existing inequalities between the poorer and richer countries. First, there is an inequity in the distribution of COVID-19 vaccines. The developed countries are vaccinating their citizens twenty times faster than the developing world.
Second, the debt relief for poorer countries must be ensured, As they are disproportionately affected by the COVID-19 pandemic, due to lockdowns and economic slowdown.
Third, the provision of climate financing by the developed countries is crucial. Developing countries are more vulnerable to the climate change despite their low carbon emissions. Climate financing is important for adaptation and mitigation.
Fourth, the illicit transfer of money from the developing countries to the developed countries and tax- havens.
According to UN High Level Panel on International Financial Accountability, Transparency and Integrity, 7 trillion dollars of such money are part in tax havens. Annually, 1 trillion dollars leave the developing countries towards tax havens. This illicit flow of money is the leading cause of inequality between the richer and poorer countries.
Imran Khan stated, by creating gap between developed and under-developed countries, it leads to currency devaluation, inflation and poverty.