UNITED NATIONS: Pakistan on Tuesday called for establishing a facility under the United Nation’s (UN) umbrella to provide adequate financing for infrastructure investment in developing countries to spur economic development as they cope with losses caused by the coronavirus pandemic.
“The pandemic has created the worst recession in a century — over a 100 million will fall back into extreme poverty, over a decade’s development gains will be lost, and achievement of the Development Agenda 2020 will be all the more difficult, yet all the more vital,” Ambassador Munir Akram told the General Assembly’s Second Committee, which deals economic and financial matters.
Speaking in a debate on Infrastructure Development, the Pakistani envoy said the outcome of those adverse factors “will be a perfect storm of spreading poverty, political chaos and environmental devastation.”
The response to the multiple crises, he said, must be massive and coordinated, synergising the goals of recovery from Covid, the realisation of the Sustainable Development Goals (SDGs) and implementation of the Paris agreements on climate change.
“The large and long-term finance required for infrastructure investment has to be actively mobilised,” Ambassador Akram said, adding that there is a solid economic rationale to prioritise infrastructure investment in developing countries whereas the returns on investment can be double and triple of those in advanced economies.
In this regard, he proposed, among other elements, support for regional and cross-border infrastructure initiatives, to enhance connectivity, electricity grids and investment in sustainable infrastructure, utilisation of advances in IT and digital applications and help developing countries to prepare feasible and bankable infrastructure projects.
“The extensive expertise within the UN system, including its country offices in most developing countries, could be utilised to identify and prepare viable sustainable development projects prioritised by developing countries,” he said.
“With global political support, this UN-affiliated facility could mobilise, maximise and coordinate investment decisions and actions by developing countries, official development assistance (ODA) providers and private and public sector investors to advance the realisation of SDGs,” he said.
The Pakistani ambassador concluded his speech saying that adequate infrastructure investment in poor nations could ignite the world economy, alleviate poverty, assure progress towards the Paris climate accords and significantly advance the SDGs’ implementation.
