Plenary Session 1: Pakistan’s Resilient Recovery Strategy
International Conference on Climate Resilient Pakistan
January 9, 2023
[AS PREPARED FOR DELIVERY]
H.E. Mr. Ishaq Dar, Minister of Finance and Revenue of the Islamic Republic of Pakistan, distinguished co-chair,
Excellencies, Distinguished Delegates, Ladies and Gentlemen
On behalf of the United Nations Development Programme, I want to thank you for your presence here today.
I also want to express our gratitude to France and Germany for their generosity in sponsoring this conference.
In addition to the unprecedented nature of the challenges we face, the global community also has a unique opportunity - here and now - to chart a new course, to translate words into action and demonstrate the type of global solidarity the moment and our future demands.
Just a few months ago, Pakistan endured one of the most destructive climate induced disasters in recorded history.
Today the flood waters may have partially receded but what remains is a moment of reckoning for the entire world.
Together with international partners including the UN, Pakistan is now undertaking an urgent and extraordinary initiative to save lives, restore livelihoods and rebuild a nation.
Pakistan faces a long road to recovery. The wider world faces a choice.
Because the truth is that these events are increasingly predictable and only the latest in a series of such disasters in Pakistan and beyond – historic climate events are becoming the new normal.
In Pakistan we have an opportunity to choose a new direction with an innovative model for international cooperation.
That begins with a recognition that the country’s plight is not its own alone.
Despite being responsible for only 0.67% of global emissions, Pakistan is the 8th-ranked country on the Global Climate Risk Index.
It is time to step up support to long-term, systems-based approaches to recovery when disaster strikes.
The Government of Pakistan is doing its part in reconstruction, but it will need financial and technical support to tackle the massive development challenges that lie ahead - from building systems for risk anticipation and resilience, to addressing the needs of internally displaced people, and broader threats to regional stability like climate migration.
Advancing reconstruction of this type will require fiscal space that on the back of COVID-19 is seriously constrained in Pakistan.
Creating this space will require new pathways for support including private sector investments facilitated by innovative financial instruments including de-risking private capital and support for a pipeline of broader investment opportunities.
This is an opportunity to address past policy deficiencies both through actions on the ground today and a renewed commitment to long term development.
Here and now, that process must begin with new investments in climate resilience, broader coalitions of partners and critically - collective responsibility for the shocking loss and damage from which no nation will be immune in the future.
Assessing the extent of damages and losses has been a pivotal part of this joint response. Under the leadership of the Ministry of Planning, Development and Special Initiatives, the United Nations together with the World Bank, the Asia Development Bank and the European Union completed the Post Disaster Needs Assessment – which identified some $16 billion in urgently needed financing to support the recovery, reconstruction, and rehabilitation effort in Pakistan. This is in addition to residual humanitarian needs.
The Assessment directly informed the Resilient Recovery, Rehabilitation and Reconstruction Framework -- a comprehensive policy-based approach comprising sectoral interventions, public and private sector financial strategies, and implementation and monitoring arrangements.
The 4RF is also a critical starting point for the long-term transformational measures that will safeguard development gains and guide a resilient recovery for the nation.
We look forward to the presentation.