World economic system unable to help poor countries, says Bilawal
Pakistan
FM Bilawal says existing world economic system unable to help poor countries
NEW YORK (Dunya News) - Foreign Minister Bilawal Bhutto-Zardari on Saturday pointed out flaws in the world economic system, saying it was unable to help the developing countries cope with their problems.
The youngest foreign minister of the South Asian country came down hard on the international system while speaking at the concluding session of the Group of 77 and China ministerial conference in New York.
"At least a hundred countries are reeling from the economic crises and millions of people in these countries are forced to face a life of hunger and poverty," Bilawal Bhutto highlighted. "The world, especially developing countries, face a perfect storm of challenges. The deepest economic recession in a century is disproportionately affecting the poorest countries and reversing a decade of development.”
"It also has become evident that the existing international economic system has been unable to respond to the plight of developing countries," he stressed. "Over a hundred countries face financial collapse. Over a billion people faced hunger... The worst recession of the century is being faced by the poor nations, he said. He also highlighted that poor countries were most vulnerable to the climate change as the recent flood crisis in Pakistan was an example of it. More than 1,700 people were killed in this year’s deluge that affected one-third of the country.
