UNITED NATIONS, The President of the UN Economic and Social Council (ECOSOC), Pakistani Ambassador Munir Akram, has underlined the need for concessional financing and debt relief to help the middle-Income countries recover from the economic and social impacts of the coronavirus pandemic.<\/p>\n
\u201cThe pandemic has uncovered the multiple vulnerabilities and inequalities that pre-existed in this diverse group of countries,\u201d he told the UN General Assembly on Thursday.<\/p>\n
\u201cAdditionally, crippling debt, global economic inequalities and vulnerability to the effects of climate change and natural disasters, had eroded prospects for growth in the lower echelon and even the upper echelon of middle-income countries,\u201d the ECOSOC chief said in his opening address at a high-level meeting on these nations.<\/p>\n
The meeting was convened to discuss the gaps and challenges of middle-income countries in the implementation of the 2030 Agenda for Sustainable Development, with a focus on the economic dimension of sustainable development.<\/p>\n
\u201cBefore the pandemic,\u201d Ambassador Akram pointed out, \u201cthere was a global gap of USD 2.5 trillion in financing for achieving the (Sustainable Development Goals (SDGs), as a result of the crisis this gap is increased to 4.2 trillion per year for all developing countries of which the middle-income countries are a sizable proportion.\u201d<\/p>\n
\u201cIf we are to recover back better from the pandemic what we need, first of all is equitable access to the COVID-19 vaccine for all,\u201d he said, while referring to ECOSOC\u2019s special meeting on \u201cA Vaccine for All\u201c that spotlighted on the unacceptable inequalities in access to the vaccine between the poor and the rich countries.<\/p>\n
\u201cWe need to expand production, distribution, waive Intellectual Property Rights in order to make sure that everyone, everywhere is vaccinated as soon as possible,\u201d the ECOSOC chief said.<\/p>\n
But, Ambassador Akram said the biggest challenge lies in access to affordable and concessional financing and debt relief to enable middle-income countries like other developing countries to respond to the multi-faced crisis.<\/p>\n
\u201cThe pandemic has drained domestic resources and forced many countries to divert these resources to addressing health, social and climate crises,\u201d he said, noting that many middle-income countries face serious resource constraints.<\/p>\n
While welcoming the Group of 20 (industrialized countries) Debt Service Suspension Initiative, he said many middle income-countries have been excluded from this initiative.<\/p>\n
The ECOSOC chief called for recognizing the multiple dimensions of their vulnerabilities in the criteria for accessing concessional resources and finance. The reallocation of a sizable proportion of the special drawing rights which are to be created will be a critical part of the solution to the financial needs of the developing countries.<\/p>\n
The early participation of private sector in the debt solution is critical, he said.<\/p>\n
Ambassador Akram said that technology transfer and bridging the digital divide was critical to enable developing countries especially the middle-income countries to leapfrog into modern global digital economy.<\/p>\n
Speaking next, UN Secretary-General Antonio Guterres said that middle-income-countries, which account for more than half of the UN\u2019s 193 member states, needed financing to help them recover in the wake of the global crisis.<\/p>\n
He said that middle-income countries should have their debts suspended into 2022 to cope with the social and economic impact of the virus.<\/p>\n
Many were already dealing with mounting debt before the pandemic, which has only further aggravated the situation.<\/p>\n
\u201cIn small island states, for example, the collapse of tourism has greatly hindered their capacity to repay debts. And while the global response to the debt crisis is rightly attempting to support low-income countries, middle-income countries must not be left behind\u201d, he stated.<\/p>\n
Diversity defines the world\u2019s middle-income countries, which were already home to some 62 per cent of the world\u2019s poor prior to the pandemic, the UN chief said.<\/p>\n","protected":false},"excerpt":{"rendered":"
UNITED NATIONS, The President of the UN Economic and Social Council (ECOSOC), Pakistani Ambassador Munir Akram, has underlined the need for concessional financing and debt relief to help the middle-Income countries recover from the economic and social impacts of the coronavirus pandemic. \u201cThe pandemic has […]<\/p>\n
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