PM’s 10 points

Prime Minister Imran Khan is leading the global initiative for debt relief aimed at helping poor and developing countries cope with the health and economic havoc wrecked by the reigning Covid-19 pandemic. It is PM Imran’s repeated and forceful calls for debt relief that have significantly contributed to the G20 countries’ decision to suspend debt repayments by poor nations for a period of six months. The Debt Service Suspension Initiative approved in May 2020 allowed debt repayment suspension till December 2020. Under the initiative, Pakistan’s $1.8 billion worth of external debt repayments due till December were also rescheduled.

To quote United Nations Secretary General Antonio Guterres, the coronavirus pandemic is the most challenging crisis the world faces since the Second World War – one that is killing people and will also lead to an economic recession that probably has no parallel in the recent past. PM Imran echoed similar views as he spoke at a two-day special session of the UN General Assembly through a video message. Attended by nearly 100 world leaders, the summit was held to discuss a response to the deadly coronavirus pandemic and forge a united path forward to better recovery, including access to a vaccine.

PM Imran used the opportunity to further press the developing countries’ case for fiscal space to stimulate the economy for maintaining and reviving growth. In this context, he presented a 10-point agenda for urgent action, outlining the measures the international community needs to take to defeat the Covid-19 pandemic. The agenda lays special emphasis on debt relief for poor countries, calling for: debt suspension till the end of the pandemic for low income and most stressed countries; cancellation of debt of least developed countries; and restructuring of the public-sector debt of other developing countries under an agreed inclusive multilateral framework.

It needs not be over-emphasised that the Covid-triggered crisis needs to be countered with a concerted global action; and the developed world is required to shoulder more responsibility. After all, in an increasingly connected world, no nation is an island.