Foreign Desk Report
NEW YORK: The President of UN Economic and Social Council (ECOSOC), Pakistani Ambassador Munir Akram, has underscored the need for building partnerships between states, companies and civil society across the world to respond and recover from the devastating coronavirus crisis.
“If ever there was need for partnerships, it is now”, he said in his opening remarks on Monday during the annual Partnership Forum, organized by ECOSOC.
“The goals which such partnerships must achieve today are as urgent as they are clear”, Ambassador Akram said, starting with defeating the pandemic. That, he said, required universal equitable and urgent access to the COVID-19 vaccines and related materials, as “No one is safe until everyone is vaccinated.” Countries also must work together to prevent millions from descending into extreme poverty and destitution.
Underlining the UN’s unique role in bringing together countries, companies and civil society, the ECOSOC chief outlined several areas where partnerships can be used to respond to COVID-19 and achieve the Sustainable Development Goals (SDGs).
“This means helping the poorest people with direct and indirect economic support and social safety nets”, Ambassador Akram said. “It means providing the poorest countries with fiscal space through debt relief, emergency grants and concession financing to save lives and livelihoods.”
Pandemic recovery also must be sustained. He said while richer countries have devoted some $17 trillion to revive their economies, developing nations will need around $4.3 trillion to not only recover from the pandemic but to get back on the path to sustainable development.
Promote financing solutions: The ECOSOC President said global partnerships must help to promote financing solutions such as debt restructuring, low-interest loans and greater foreign investment.
The creation of $650 billion in new special drawing rights (SDRs), a type of foreign reserve asset developed by the International Monetary Fund, is another important component.
“We need to redress the structurally induced economic and social inequalities among and within nations, including through reformed and equitable trade, investment, tax and technology instruments”, Akram added.
He added that roughly $100 trillion in investment in sustainable infrastructure will be needed over the next three decades to bring about a resilient and environmentally-friendly global economy.
