Analysts term establishment of ‘Loss & Damage Fund’ at COP27 climate summit diplomatic win for Pakistan
Foreign Office Spokesperson (Mumtaz Zahra): I would like to welcome the announcement that countries adopted a
hard-fought final agreement at the COP27 climate summit that sets up a fund to help poor countries being battered by climate disasters.
After tense negotiations
that ran through the night, the Egyptian COP27 presidency released the
final text for a deal and simultaneously called a plenary session to quickly gavel it through.
I would say this development is a major victory for Pakistan at the diplomatic level.
Foreign Minister Bilawal Bhutto Zardari and Minister of State for Climate Chang
Prime Minister Shehbaz Sharif has also welcomed the development as the
“first pivotal step towards the goal of climate justice”.
Javed Ali Khan (Environmentalist, Former Director General, Environment and Climate Change): I think that the establishment of a loss and damage fund is an investment in climate justice.
The establishment of the fund is a positive milestone in the fight against climate change.
I hope that developing countries will be provided technical assistance to avert and minimize the impact of climate change.
For the past 20 years
Pakistan has been consistently ranked among the top 10 most vulnerable countries on the Climate Risk Index.
All teams who worked with the Foreign Minister in this regard deserve appreciation as Pakistan has succeeded in getting its demand for the ‘Loss and Damage’ fund as Chair of G-77 plus China.
Dr. Farooq Adil (Senior Analyst): There have been many rumors that Pakistan is facing the danger of going to default.
Some negative forces, including PTI, have been spreading false propaganda over the country’s default risk.
Pakistan has adopted a path of stability and saved it from going to default.
The news about Pakistan’s default risk is based on a malicious campaign initiated by the previous government of PTI, which has no reality.
The incumbent government, under the leadership of Prime Minister Shehbaz Sharif, succeeded in removing Paki-
There was a huge communication gap and dipl
It will benefit Pakistan and we must congratulate the efforts of the foreign minister for his marvelous advocacy for Pakistan in this regard.
The infrastructure, livestock,
agriculture sectors have been badly affected due to the devastating floods in the country.
The foreign minister talked about climate justice and we are hopeful for positive outcomes against the efforts of Bilawal Bhutto at the diplomatic front.
Rana Ihsan Afzal (Coordinator to PM on Commerce & Industry):
The opposition parties are planting the propaganda that Pakistan is on the edge of default.
However
22% of Pakistan’s external debt is commercial borrowing and the remaining 72% is from multilateral and bilateral donors.
A country never defaults on its bilateral and multilateral borrowing and can only default on its commercial debt.
We are capable and have financial planning to ensure that we can return to commercial borrowing and bonds in the coming months.
For t
By the end of this year, we will be able to manage our foreign reserves.
Saudi Arabia announced a deferred of over 10 million dollars