NEWYORK: Pakistan has highlighted the need for stronger international cooperation and more balanced global debt architecture to address the scale of debt distress facing developing countries.
Briefing the wider UN membership on the forthcoming Borrowers’ Platform, Pakistan’s Permanent Representative to the UN Ambassador Asim Iftikhar Ahmad said that more than 3.3 billion people live in countries that spend more on debt servicing than on health or education, underscoring the severity of the pressures confronting developing economies.
He expressed hope that the Borrowers’ Platform will contribute meaningfully to stronger international cooperation on debt challenges and to advancing discussions on the broader international financial architecture.
He emphasized that the platform is not intended to be a negotiating forum or a mechanism for collective debt restructuring. Rather, it is envisioned as a cooperative forum to strengthen dialogue and knowledge sharing among borrower countries.
