Irfan Iqbal Sheikh, President FPCCI, has apprisedĀ that all bilateral & multilateral external debts of Pakistan need immediate restructuring on soft terms as the total economic cost of unprecedented floods in Pakistan has surpassed $30 billion. He reiterated his stance that despite having a population of 220 millionĀ and contribution of less than 1 percent in global carbon emissions,Ā Pakistan has paid the highest price for the global warming.
Now, it isĀ the utmost responsibility of international community to swing intoĀ action and join the relief efforts without any further ado. Irfan Iqbal Sheikh highlighted that around 2.8 million people out ofĀ total 33 million flood-affectees and internally displaced people (IDPs) are seriously ill due to various pandemics that have broken out āĀ including, dengue, malaria, cholera, typhoid, serious skin infectionsĀ and other water-borne & contagious diseases.
The world as a whole willĀ be responsible as Pakistan is facing the brunt of the global misdeedsĀ vis-Ć -vis climate change; if they do not listen to the cries of theĀ dying, he added. FPCCI Chief has proposed that the government should negotiate theĀ restructuring of external debts with IMF, World Bank, ADB, IDB, ParisĀ Club and friendly countries to create fiscal space for flood relief &Ā rebuilding activities.
He also extended his advisory services from theĀ platform of FPCCI in formulating the strategies to successfullyĀ negotiate with various lenders. Mr. Irfan Iqbal Sheikh has called for adopting austerity measures atĀ every governmental level and redirecting all non-developmental budgetsĀ to the relief & rehabilitation ā be it provincial & federal.
He alsoĀ expressed his optimism that the world would be ready to provide aid andĀ debt relief, provided we devise a robust, diligent and pragmatic planĀ for the relief & rehabilitation; and, ensure efficient, fair&Ā transparent disbursement of relief resources. We must send out the rightĀ optics to the world, he added.