PM Shehbaz says debt repayments limiting fiscal space in developing world

Prime Minister Shehbaz Sharif has said that debt repayments are increasingly limiting the fiscal space available to developing countries, making it difficult for them to invest in development and improve the lives of their people.

Addressing a session on the Declaration on the Right to Development at the United Nations headquarters, the prime minister said the purpose of development should not be limited to generating wealth. He said development must also promote social progress and protect human dignity.

Shehbaz Sharif said the Declaration on the Right to Development, adopted around four decades ago, reaffirmed that development is an inalienable right of all people. He said the message of the declaration was clear and remained relevant in the face of growing global challenges.

The prime minister said every individual had the right to seek a better future. He stressed that development should create opportunities for people while ensuring that their dignity and basic rights were protected.

He also highlighted the growing challenges posed by climate-related disasters. According to the prime minister, climate disasters are increasingly threatening development gains achieved through years of hard work.

Shehbaz Sharif said natural disasters can reverse years of progress and place an additional burden on developing countries. He stressed the need for greater international efforts to address the challenges facing vulnerable nations.

The prime minister also pointed to financial pressures faced by developing countries. He said debt servicing was reducing the resources available to governments for development, social welfare and other essential priorities.

He called for a development approach that goes beyond economic growth and focuses on improving living standards, promoting social progress and safeguarding human dignity.