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.


Pakistani national in Dubai killed by falling debris from ‘aerial interception’

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Pakistani national in Dubai killed by falling debris from ‘aerial interception’

  • Pakistani driver killed on Saturday as debris falls on vehicle in Al Barsha area, confirms Government of Dubai Media Office
  • Iran has targeted Gulf countries hosting US troops with missile, drone attacks since Middle East conflict began last week 

ISLAMABAD: A Pakistani national was killed this week after debris from an aerial interception fell on a vehicle in Dubai, the Government of Dubai Media Office confirmed on Sunday.

The incident took place in Dubai’s Al Barsha area, the Dubai Media Office wrote on social media platform X, without confirming the location from where the projectile was fired from. 

“Authorities confirm that debris from an aerial interception fell onto a vehicle in the Al Barsha area, resulting in the death of a Pakistani driver,” the Dubai Media Office said. 

This is the second Pakistani national killed in the UAE since the US and Israel launched coordinated strikes against Iran on Feb. 28. As per local media reports, a Pakistani national died in Abu Dhabi on Feb. 28 after being struck by missile fragments. 

Pakistani and Nepalese nationals were among six people injured by falling debris on Thursday after the UAE’s air defense systems intercepted drones, the Abu Dhabi Media Office had confirmed in a statement. 

Iran has carried out several missile and drone attacks on Gulf countries hosting American troops since Isreal and the US launched coordinated strikes against it last week. The surprise attack came after months of negotiations between Washington and Tehran over Iran’s nuclear program. 

Pakistan has asked its citizens in Gulf states to exercise caution, avoid travel and strictly follow official adviseries ever since tensions escalated in the region last week.

The UAE is home to over 1.5 million Pakistani expatriates, one of the largest communities of overseas Pakistanis worldwide.

Pakistan has condemned the US and Israel’s attacks on Iran but also criticized Tehran’s attacks that have targeted countries in the Gulf region, advising all parties to exercise restraint. 

Iranian President Masoud Pezeshkian on Saturday apologized to Gulf neighbors for the attacks, saying Tehran would halt strikes unless attacks against Iran originate from their territories. 

However, questions were raised over the apology as air defense sirens and interceptions were reported in Saudi Arabia, Qatar, the UAE and Bahrain later on Saturday, fueling uncertainty across the Gulf.