FM Bilawal calls for early operationalisation of loss and damage fund

Minister also stresses on obtaining valuable solutions to problems of unsustainable debt

NEW YORK:

Foreign Minister Bilawal Bhutto Zardari on Friday called for ensuring early operationalisation of the loss and damage fund and also stressed on its adequate resourcing.

While addressing the concluding session of the G77 Ministerial Conference in New York, the minister added we must mobilize massive investment in sustainable infrastructure and also stressed obtaining valuable solutions to problems of unsustainable debt.

The foreign minister also commended UN Secretary-General Antonio Guterres for proposing SDG Stimulus initiating the Black Sea grain deal and calling for reform in the international financial architecture.

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In the concluding note, the foreign minister also expressed his deep appreciation to all the members of the conference for their active participation and valuable contribution.

Earlier, the UNSG had said that “resilient reconstruction” of flood-hit areas in Pakistan was his “top priority” as he reaffirmed “full support” of the UN for ongoing humanitarian work in the country.

The UNSG made these remarks during his meeting with Bilawal on the sidelines of the UN's ministerial conference of G-77 and China being held in New York, US.

During the meeting, the FM sought the UN’s continued cooperation to secure the participation of key donors, development institutions and the private sector in the conference to encourage them to support Pakistan’s comprehensive plan and specific project proposals.

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Bilawal had arrived in New York on December 14 on a seven-day visit for meetings with the UN, high-level government officials, congressional leaders, Pakistani-American businessmen, and community members.

Loss and damage fund

The loss and damage fund is an agreeable financial package for low- and middle-income countries (LMICs) severely impacted by global warming.

Last month, the COP27 summit of nearly 200 countries agreed to set up the fund to support poorer countries being ravaged by climate impacts, overcoming decades of resistance from wealthy nations whose historic emissions have fuelled climate change.