Reeling from floods, Pakistan seeks climate compensation, debt relief

2 weeks ago 16

SHARM EL-SHEIKH, Egypt, Nov 7 (Reuters) - Pakistan's premier curate said his state would request indebtedness alleviation and would question compensation for clime harm arsenic it recovers from catastrophic floods that outgo the state immoderate $30 billion.

Speaking connected Monday astatine the COP27 clime conference alongside U.N. Secretary-General Antonio Guterres, Prime Minister Shehbaz Sharif said that Pakistan's escalating nationalist indebtedness was hampering its recovery.

"Millions of radical are going into wintertime without structure oregon livelihood," Sharif said. "Women and children are inactive looking to america to support their basics needs."

Pakistan and different climate-vulnerable countries are demanding that the U.N. clime talks this twelvemonth successful Egypt instrumentality steps to mobilize "loss and damage" funds for disaster-hit nations, and immoderate accidental affluent nations person a work to wage these costs due to the fact that their humanities emissions are mostly liable for planetary warming today.

"We person mobilized each disposable assets toward the nationalist alleviation effort," but it is not enough, Sharif said -- describing hundreds of breached bridges crossed the country, arsenic good arsenic stagnant water h2o present fouling Pakistan's confederate cultivation landscape.

Guterres, who visited Pakistan successful September to circuit the flood damage, urged planetary fiscal institutions similar the World Bank and to leaders astatine the upcoming G20 acme successful Indonesia to betterment policies that govern indebtedness alleviation and concessional indebtedness decisions truthful arsenic to assistance middle-income countries similar Pakistan absorption connected rebuilding alternatively than repayment.

"There should beryllium a mode to person a (debt) swap exchanging the payments of the indebtedness to investments successful the rehabilitation and betterment and reconstruction from earthy disasters," the caput wide said.

Read more:

NEWSMAKER-Alaa Abd el-Fattah, the jailed Egyptian-British dissident connected hunger strike

COP27: Loss of Arctic summertime oversea crystal 'inevitable' wrong 30 years — report

Reporting by Valerie Volcovici; Editing by Katy Daigle and Lisa Shumaker

Our Standards: The Thomson Reuters Trust Principles.

Read Entire Article