Finance Minister Aurangzeb Discusses Climate Justice and Financial Reforms with UN Ambassador Akram.

ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met with Ambassador Munir Akram, the Permanent Representative of Pakistan to the United Nations, at the Finance Division. The meeting focused on reviewing the progress of prior discussions and meetings with various stakeholders, including heads of financial institutions, investment banks, bilateral partners, and governmental entities.

According to Press Information Department, Ambassador Akram emphasized Pakistan’s initiatives to advocate for climate justice and the need to enhance climate finance and trade reforms to aid developing countries. Discussions included the early operationalization of the Loss and Damage Fund and the implementation of the agreement to re-channel 50% of the 2021 SDR allocation towards development. Furthermore, there was dialogue on executing the UN Secretary-General’s SDG Stimulus proposal through an inter-governmental process.

Ambassador Akram also elaborated on Pakistan’s efforts to push for a concrete, time-bound roadmap to fulfill developed countries’ commitment of 0.7% of GNI for Official Development Assistance. The discussions highlighted the need for establishing a UN mechanism to facilitate public and private investment in sustainable infrastructure in developing countries. Another critical point was the need for an equitable and expedited process of debt relief and restructuring for nations in financial distress.

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