‘Global Initiative on Debt Relief’ PM Imran Khan Address the World Amid COVID-19 Crises

Global Initiative on Debt Relief’ for developing countries amid coronavirus crisis in order to ‘promote coordinated health and economic response, Prime Minister Imran Khan has address the world.

Prime Minister Imran Khan urged the international community in a video message for taking an initiative on debt relief for the developing countries, He also invited António Guterres United Nations (UN) Secretary General to work with him in advancing the objectives of a coordinated response.

PM Imran Khan highlighted that a global recession was certain, one worse than the great depression. A global pandemic cannot be contained without strong, coordinated and well-crafted global response, he emphasized, While noting that coronavirus pandemic has posed unprecedented health and economic challenges.

“The Global Initiative on Debt Relief will bring together stakeholders on a platform to promote coordinated health and economic response.”

During the last week, various announcements have been made by multilateral actors such as the UN, the IMF and the World Bank. The announcements made include initial relief packages of US $1.4 billion by the IMF, and US $1 billion by the World Bank.

The PM Imran Khan cautioned that the pandemic’s socio-economic impacts would be more consequential in the developing countries, The initiative is built on PM Khan’s belief that enhanced fiscal capacity is fundamental to recovery from the ongoing pandemic crises.

Imran Khan underlined that Pakistani government had provided a $8 billion stimulus package to help the most vulnerable people in the country, PM said while he calls to the global leaders.

Noting the UN secretary general’s call for action the premier also appealed world leaders to step up measures to help developing countries to overcome disastrous impacts of crises.

PM Khan proposed that the developing countries be provided with fiscal space and financial relief through enhanced debt relief and restructuring and other additional measures that could help them manage the unfolding crisis.

PM Khan will be approaching heads of state, as well as government from a wide range of countries notably from Paris Club, Highly Indebted Poor Countries (HIPC), heads of international organizations and others concerned to join him in this endeavor.

My appeal to the international community, the UNSG & international financial institutions to respond positively to the dilemma confronting developing countries in the face of the COVID19 pandemic. #Global_Initiative_Debt_Relief pic.twitter.com/EfydRhfZhc

— Imran Khan (@ImranKhanPTI) April 12, 2020