Qureshi calls for reforms in int’l financial architecture

Foreign Minister Shah Mahmood Qureshi on Friday called for reforms in the international financial and taxation architecture, saying a fairer multilateral trading system was crucial to recovering and returning stolen assets to developing countries.

Qureshi expressed these views in a video statement at the Ministerial meeting of the Group of 77 (G-77) on the eve of the 15th Quadrennial session of the United Nations Conference on Trade and Development (UNCTAD) being hosted in a virtual format by Barbados.

Sharing Pakistan’s perspective on the contemporary global development challenges, the top diplomat underscored the urgency of vaccine equity, debt relief, and enhanced concessional finance to address multiple inequalities.

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Noting the solidarity and support that defined the G-77’s ethos, the Foreign Minister paid tribute to the members for safeguarding and advancing the legitimate development, trade and investment interests of the developing countries.

He acknowledged the seminal contribution made by UNCTAD in terms of producing high-quality analytical reports, providing policy advice and technical assistance to developing countries to enable them to participate and benefit from the dividends of international trading, financial, investment and taxation regimes.

The UNCTAD and the Group of 77 were established in 1964 to protect and promote the development interests of the Global South. Pakistan has been an active member of both and has made valuable contributions to their debates, policies and outcomes.