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Mr. Chairman,
We congratulate you and all other members on election to the Bureau of this Committee.
We also thank the outgoing Bureau for its able stewardship of the Committee during the 67th Session.
We align ourselves with the statement delivered by Fiji on behalf of the Group of 77 and China.
We will like to make some additional points in our national capacity.
Mr. Chairman,
Once again, we have started our deliberations amidst high global economic uncertainty. In the last five years, efforts have been made to revive the global economy. The desired result, however, could not be produced.
This Committee must reflect on whether an appropriate mode of work was adopted for these efforts.
It is clear to us that reliance on decision making in limited groupings will not provide solutions to the problems of interconnected, interdependent and globalising world.
It is the United Nations, its legitimacy and its universal membership, which can provide us the setting where we can find solutions to global problems. We shall utilise its full potential and benefit from the collective wisdom of its 193 members.
We also believe in further strengthening the existing cooperation between the United Nations and the international economic and financial institutions, especially the Bretton Woods Institutions.
Developing countries though not responsible for the current crisis yet suffered the most. To find solutions, they must be listened to. Increasing their voice and participation, on the basis of equity and fairness not economic weight, in the World Bank and the International Monetary Fund is, therefore, essential.
Mr. Chairman,
We are pleased to note that the processes agreed at Rio, last year, have commenced their work. It is important to underline that their work is completed on time.
Discussions on designing the post-2015 development agenda are also taking place. The success of this new agenda will hinge upon its capacity to help developing countries achieve the needed economic transformation towards sustainability without compromising the imperative of economic growth. In addition to delineating what to do, it must also inform them on the how part. The Agenda must support countries’ home grown economic plans. In this regard, addressing systemic issues that bar a country’s effort in implementing national economic policies must be carefully evaluated.
Mr. Chairman,
It is time for major trading nations to demonstrate leadership and help having the overdue development oriented conclusion of the Doha round of trade negotiations. We look forward to a successful WTO Ministerial Conference in Bali later this year.
It is also important to begin real work to lay the foundation of a structured mechanism to address the issue of sovereign debt restructuring. Debt relief for countries not covered under current initiatives shall also be discussed on priority.
We shall not lose sight of the fact that Climate Change is one of the biggest development challenges. Pledges made till date are greatly inadequate to address this emergency. We must redouble our efforts to bridge gaps.
Mr. Chairman,
Pakistan, like other developing countries, has suffered the consequences of the world financial and economic crisis. We are, nevertheless, committed to harness the country’s abundant domestic potential. We are addressing its structural deficits. Our priorities are increasing revenue collection and instituting austerity in government non-development spending as well as revival of the economy, overcoming the energy crisis, and investment promotion. We are also working to enhance regional trade and economic cooperation. At the global level, we expect a level playing field and supportive environment. We attach high importance to improving global economic governance. We are ready to partner with the international community and work together to ensure that our joint work advances economic and development interests of all countries.
Mr. Chairman,
In conclusion, let me assure you of Pakistan delegation’s continued support and its readiness to constructively engage with the work of this Committee.
Thank you.