KARACHI – Shahid Rasheed Butt, former President ICCI on Sunday said developed world is ignoring the plight of poor countries which is cruelty.
Rich nations are forgetting that it is an interdepended world and they would have to face consequences of ignoring poor nations, he added.
Shahid Rasheed Butt said that globally the number of food-insecure children has increased by half a billion, many have lost part of their income while fifty crore people have been pushed below the poverty line.
Around 230 million people in South Asia and 60 million in east Asia and the Pacific are on the brink, one million textile workers have been fired in Bangladesh in which eight percent are women compounding their problems, he informed.
He said that developing countries lack expertise and resources to deal effectively with the situation while a major part of their finances are used for debt servicing.
Developed countries are spending trillions of dollars to deal with coronavirus but they are not ready to provide meaningful relief to poor countries by writing off their loans which will enable them to fight disease and hunger.
The role of G-20, Paris Club, World Bank, IMF, ADB, and AIIB has left much to be desired as they are not recognizing the urgency of meaningful contribution and delay on their part can prove catastrophic for the world.
The global community should not delay a coordinated response as temporary relief is insufficient, otherwise the whole world will suffer, he warned.
