Pakistan prime minister labels global financial system ‘morally bankrupt’ amid development challenges

Pakistan's Caretaker Prime Minister Anwaar-ul-Haq Kakar addresses the SDG Summit Leaders Dialogue on the sidelines of the 78th United Nations General Assembly session in New York, USA, on September 19, 2023. (Photo courtesy: Prime Minister's Office)
Short Url
Updated 20 September 2023
Follow

Pakistan prime minister labels global financial system ‘morally bankrupt’ amid development challenges

  • Kakar says conflict, climate change and global pandemic made it difficult for developing nations to meet the development goals
  • He says his country will seek justice and fulfillment of $100 billion annual fund at the 2023 UN climate conference in Dubai

ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar on Tuesday described the international financial system as “morally bankrupt” while discussing the challenges for developing nations to meet the Sustainable Development Goals (SDGs) identified by the United Nations to combat poverty and enhance global well-being.

The world body set the SDGs in 2015 to ensure zero hunger, reduced inequalities, clean water and sanitation, decent work and economic opportunities, responsible consumption and production along with peace, justice and the emergence of strong institutions.

Addressing the SDG Summit Leaders Dialogue on the sidelines of the 78th United Nations General Assembly session in New York, the prime minister said only 12 percent of these targets had been met due to the economic turmoil caused by the COVID-19 pandemic, climate-induced catastrophes, and conflicts raging in different parts of the world.

“This has been further exacerbated by a morally bankrupt international financial architecture,” he was quoted as saying by the PM Office in Islamabad.




Pakistan's Caretaker Prime Minister Anwaar-ul-Haq Kakar addresses the SDG Summit Leaders Dialogue on the sidelines of the 78th United Nations General Assembly session in New York, USA, on September 19, 2023. (Photo courtesy: Prime Minister's Office)

He said Pakistan would “seek climate justice, including the fulfillment of the pledge to provide over $100 billion annually in climate finance,” during the 2023 United Nations Climate Change Conference in Dubai later this year.

Earlier, Kakar emphasized the significance of a multibillion-dollar economic corridor project with China in achieving the SDGs during a meeting on Global Development Initiative (GDI) proposed by Chinese President Xi Jinping two years ago to improve the quality of life around the world.

“The Prime Minister stressed that China’s Belt and Road Initiative and the China-Pakistan Economic Corridor are vital vehicles for achieving the SDGs,” said another statement released by his office.

He highlighted the necessity of adequate and appropriate finance at all levels of the development process and welcomed President Xi’s announcement related to a $10 billion fund dedicated to the implementation of the GDI.

The prime minister also noted that his country wanted to strengthen its cooperation with China and other GDI members to collectively meet the SDGs.


Curfew extended in Gilgit-Baltistan, probe ordered after deadly Khamenei protests

Updated 03 March 2026
Follow

Curfew extended in Gilgit-Baltistan, probe ordered after deadly Khamenei protests

  • At least 15 people were killed in clashes with law enforcement agencies over the weekend in Gilgit-Baltistan
  • Government also announces a de-weaponization campaign, crackdown on hate speech and cybercrime in region

ISLAMABAD: The government in Pakistan’s Gilgit-Baltistan (GB) region on Tuesday extended a curfew in Gilgit district and ordered a judicial probe into violent protests over the killing of Iranian Supreme Leader Ali Khamenei in US-Israeli strikes last week, an official said.

At least 15 people were killed in clashes with law enforcement agencies over the weekend in GB, where protesters torched and vandalized several buildings, including United Nations regional offices, an army-run school, software technology park and a local charity building.

The violence prompted regional authorities to impose curfew in Gilgit and Skardu districts on March 2-4 as officials urged people to stay indoors and cooperate with law enforcers, amid widespread anger in Pakistan, particularly among members of the Shiite minority, over Khamenei’s killing.

On Tuesday, the GB government convened to review the situation and announced the extension of curfew in Gilgit among a number of security measures as well as ordered the establishment of a judicial commission to investigate the weekend violence in the region.

“The government has made it clear that the law will strictly take its course against elements involved in vandalism at government institutions, private properties and incidents of vandalism in Gilgit and Skardu and no kind of mischief will be tolerated,” Shabbir Mir, a GB government spokesperson, said in a statement.

“In view of the security situation, curfew will remain in force in Gilgit, while the decision to extend the curfew in Skardu will be taken keeping the ground realities and the changing situation in view.”

The statement did not specify how long the curfew will remain in place in Gilgit.

Besides the formation of the judicial commission to investigate the violent clashes, the government also decided to launch a large-scale de-weaponization campaign in the entire Gilgit district, for which relevant institutions have been directed to immediately complete all necessary arrangements, according to Mir.

In addition, a crackdown has been ordered on hate speech, spread of fake news and cybercrime.

“The aim of these decisions is to ensure the rule of law, protect the lives and property of citizens and crack down on miscreants,” he said. “Approval has also been given to immediately survey the affected infrastructure and start their restoration work on priority basis.”

Demonstrators in Pakistan’s southern port city of Karachi also stormed the US Consulate on Sunday, smashing windows and attempting to burn the building. Police responded with batons, tear gas, and gunfire, leaving 10 people dead and more than 50 injured.

Pakistani authorities have since beefed up security at US diplomatic missions across the country, including around the US consulate building in Peshawar, to avoid any further violence.