Global lenders have cash to fund wars however not cash-strapped Pakistan: PM Shehbaz Sharif

By Subodh Kumar: Global lenders have billions to fund wars however not cash-strapped Pakistan, mentioned Pakistan Prime Minister Shehbaz Sharif whereas addressing the two-day Global Financing Pact Summit in Paris.

“Global lenders would spend billions on conflict however solely provide loans to flood-ravaged Pakistan,” the PM mentioned.

“On one hand, you are ready to provide everything for the defence of a country or countries — that is perfectly okay — but when it comes to the question of saving thousands and thousands of people from dying, then [one has] to borrow money at a very high cost. Then you have to â€æ beg and borrow and further deteriorate your already very precarious financial situation,” Shehbaz Sharif mentioned.

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— PMLN Punjab (@PMLNPunjabPk) June 22, 2023

Referring to the flood of final 12 months that devastated Pakistan, the PM mentioned, “We needed to cough up tons of of tens of millions of {dollars} from our personal pocket with our scarce assets.”

The Global Financing Pact Summit is being held in Paris to chalk out a consensus on worldwide financial reforms to assist debt-burdened creating international locations face a rising onslaught of challenges, notably local weather change. During the summit, Pakistan PM Shehbaz met world leaders, reminiscent of Saudi King Salman bin Abdulaziz, French President Emmanuel Macron, and Egypt President Abdel Fattah El-Sisi, individually.

Shehbaz Sharif additionally met International Monetary Fund (IMF) MD Kristalina Georgieva in Paris on Thursday in what’s being thought-about a last-ditch effort for the discharge of halted funds forward of the credit score line’s expiry subsequent week.

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Shehbaz Sharif has made yet one more enchantment to the IMF to launch the $1.1bn tranche, pending since November final 12 months, because the $6.5bn mortgage programme nears its scheduled expiry on the finish of June.

On the sidelines of the Summit for a New Global Financial Pact being held in Paris, France, PM Shahbaz Sharif met Ms. Kristalina Georgieva, MD of the International Monetary Fund (IMF). Views have been exchanged on the continuing programmes and cooperation between Pakistan and IMF. pic.twitter.com/05rKbNVpi8
— Prime Minister’s Office (@PakPMO) June 22, 2023

The Paris pitch got here amid claims again residence that Shehbaz’s finance minister Ishaq Dar slapped a reporter who requested him questions in regards to the stalled funds.

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“Ù¹ÚÆ Úéی ÙÆØçÙ¹” Úéیوں ØèÙÆ ÚïØæے؟؟ðŸä”ðŸä”ðŸä”#IMF #IshaqDar #economic system pic.twitter.com/nR7XCDqBZR
— M T (@MusakheyraTasv) June 22, 2023