World leaders will converge in Paris this week for the New Global Financial Pact Summit, a crucial gathering aimed at reimagining global financing in an era defined by climate change. Among the attendees is Pakistan’s Prime Minister Shehbaz Sharif, who will focus on addressing climate change and the challenges faced by debt-burdened nations like Pakistan. The Summit, scheduled for June 22-23, 2023, is hosted by France and seeks to establish a new global financing framework that goes beyond the existing Bretton Woods system to tackle climate change, biodiversity crises, and development challenges.
PM Sharif to Present Pakistan’s Framework for Managing Floods and Natural Disasters
In light of the significant gathering, Prime Minister Shehbaz Sharif is set to embark on a three-day official visit to Paris, commencing on Wednesday. During his visit, he will actively participate in the Summit, presenting Pakistan’s framework for managing floods and natural disasters. With Pakistan being vulnerable to climate-related challenges, including frequent floods, it is imperative for the country to contribute to the global discourse on climate change and showcase its efforts in addressing these issues.
Prime Minister to Discuss Mutual Interests and Collaboration
Additionally, Prime Minister Shehbaz Sharif is expected to hold a meeting with the French President, focusing on mutual interests and areas of collaboration between Pakistan and France. This meeting presents an opportunity for both countries to strengthen their bilateral ties and explore avenues for cooperation, particularly in areas related to climate change mitigation, sustainable development, and economic partnerships.
Following his visit to France, Prime Minister Shehbaz Sharif is also likely to meet with his brother and PML-N supremo, Nawaz Sharif. This meeting holds significance in the context of Pakistan’s political landscape and discussions on the way forward for the Pakistan Muslim League-Nawaz (PML-N) party.
The Objective of the New Global Financial Pact
The New Global Financial Pact aims to establish a “new consensus” among participating nations to address interlinked global targets, including poverty eradication, reducing planet-heating emissions, and protecting nature. Various ideas are being considered, ranging from taxation on shipping, fossil fuels, or financial transactions, to innovative lending practices and a structural overhaul of international financial institutions such as the International Monetary Fund (IMF) and World Bank.
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Summit Serves as a Platform for Sharing Ideas and Collaboration
France, as the host country, considers the two-day summit as a platform for sharing ideas and fostering collaboration among the 50 heads of state and government in attendance. The discussions and outcomes of this summit will inform and contribute to upcoming major economic and climate meetings in the coming months.
The participation of Prime Minister Shehbaz Sharif in the New Global Financial Pact Summit in Paris underscores Pakistan’s commitment to addressing climate change and its effects. The summit serves as an opportunity for world leaders to collectively reimagine global financing and establish a new framework that effectively tackles climate change, biodiversity crises, and development challenges. Pakistan’s presence and contribution in this global discourse will not only showcase its efforts but also pave the way for collaborations and partnerships in achieving sustainable development goals.
