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)
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Updated 20 September 2023
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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.


Pakistan launches first Hong Kong Convention-certified ship recycling yard

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Pakistan launches first Hong Kong Convention-certified ship recycling yard

  • Hong Kong International Convention aims to improve hazardous working conditions in ship recycling facilities worldwide
  • Maritime affairs minister says certification reflects Islamabad’s efforts in implementing global environmental standards

ISLAMABAD: Maritime Affairs Minister Junaid Anwar Chaudhry inaugurated Pakistan’s first ship recycling facility certified by the Hong Kong International Convention on Wednesday, saying the move would help Islamabad meet global benchmarks in environmentally friendly ship recycling.

Pakistan became a party to the 2009 Hong Kong Convention in December 2023, which aims to improve hazardous working conditions in ship recycling facilities worldwide. The ship recycling industry in Pakistan and globally faces pressure from calls to adopt safer and cleaner methods.

Shipbreaking is a significant industry in Pakistan, particularly in the coastal town of Gadani in southwestern Balochistan, which was once one of the world’s largest ship recycling hubs. However, business has declined in recent years as Islamabad grapples with a macroeconomic crisis.

Chaudhry inaugurated the Prime Green Recycling Yard in Gadani during a ceremony. He highlighted that the certification demonstrated Pakistan’s alignment with international maritime and environmental standards in a sector long criticized for hazardous working conditions.

“The success of the Prime Green Recycling Yard is a matter of national pride and a clear signal that Pakistan is meeting global benchmarks for environmentally friendly ship recycling,” the Maritime Affairs Ministry quoted him as saying.

“Pakistan is emerging as a responsible country in the global ship recycling industry.”

The statement highlighted that the government was working to modernize the Gadani Ship Recycling Zone, focusing on infrastructure upgrades, regulatory reforms, and improved oversight.

It added that worker safety would remain a top priority as the industry transitions to cleaner and safer methods.

Chaudhry said modernizing the ship recycling sector could create thousands of jobs and conserve foreign exchange by providing locally sourced steel and materials.

“With a responsible and sustainable approach, ship recycling can become a major contributor to economic growth,” he said.

“It will reduce dependence on imports and strengthen Pakistan’s industrial base.”

Pakistan’s maritime sector, anchored by its long coastline and strategic ports such as Karachi, Port Qasim, and Gwadar, holds vast potential for the blue economy. However, it remains underutilized due to infrastructure gaps, policy inconsistencies, and limited shipping capacity.