Climate Change Exacerbated Economic Woes of Developing Countries: PM

Prime Minister Shehbaz Sharif Thursday met French President Emmanuel Macron at the New Global Financing Pact Summit being held in Paris. During the meeting, the premier told the French President that developing countries are faced with problems such as lack of resources, loan and higher interests related issues, and stagnant growth. The prime minister said that under the New Global Financing Pact, there is a need to help debt-ridden developing countries so relief can be provided to the general public. He also highlighted that the devastating effects of climate change have further worsened the problems of developing countries. Both leaders also agreed to cooperate in areas of mutual interest. It is pertinent to mention here that the Summit affords an opportunity for the leaders to discuss the contours of a new global architecture capable of meeting the challenges of financing sustainable development, environment, energy transition, and climate change agenda. In the run-up to other important international events and conferences during the next two years, the Summit aims to define the principles and steps required for a comprehensive reform of the international financial system and pave the way for a more balanced and fair partnership between the North and the South.