Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar says Pakistan is on path to economic revival through tough macroeconomic reforms, which have delivered a primary budget surplus, curbed inflation, reduced the debt-to-GDP ratio, and mobilized domestic resources.

Speaking at the First Biennial Summit for a Sustainable, Inclusive and Resilient Global Economy in New York, he stressed that no country can face these crises alone, and underscored that the challenges are global and solutions must be collective.

The Deputy Prime Minister made a call to build an economic order that is inclusive, equitable and leaves no one behind.

Talking about climate injustice and vulnerability of developing countries, he said that Pakistan contributes less than one percent to global emissions, but pays the highest price, citing the 2022 floods that caused over 30 billion dollars in damages and the recent devastation that has once again left the country under water.

About global economic reform, he saidthat reform of the international economic order is no longer an option but an imperative, stressing that the global economy must become sustainable, inclusive and resilient.

Mohammad Ishaq Dar said the international economic order has perpetuated asymmetries and vulnerabilities, the SDG financing gap is widening, over 100 developing countries remain mired in debt, and the climate crisis is accelerated.

The Deputy Prime Minister welcomed the commitments made under the “Compromiso de Sevilla,” but urged that promises must turn into action.

He outlined six key priorities: confronting the debt crisis through a multilateral sovereign debt mechanism, rebalancing international financial governance at the IMF and World Bank, scaling up development finance including fulfilment of ODA commitments and re-channeling unused SDRs, delivering at least 300 billion dollars annually in predictable, grant-based climate finance, reforming the WTO to restore development at its heart, and advancing a UN-led global taxation framework to curb illicit financial flows, profit shifting and tax evasion.