At the UN, Pakistan has traditionally played an active and constructive role in promoting the development objectives of the developing countries.
Group of 77 and China
2. The Group of 77 and China, with a membership now of 134 developing countries, is the largest intergovernmental group within the United Nations. The Group was formed in 1964 after the first United Nations Conference on Trade and Development (UNCTAD) to promote the interests of the developing countries and a more equal international economic order. China joined the Group in 1992 during Pakistan’s second Chairmanship of the Group. Pakistan last chaired the Group of 77 and China in 2007 and was elected to Chair the Group for the fourth time in January 2022.
Multiple Economic “Shocks”
3. Pakistan assumed the leadership of the Group in extremely challenging circumstances for the developing countries. They were disproportionately impacted by multiple and interlocking financial and economic “shocks” during past 3 years. The Covid pandemic locked down economies and disrupted international and national supply chains. Its effects on the developing countries were exacerbated by the inequity in the distribution and availability of vaccines and the constraints of liquidity and financial space. The Covid “shock” reduced the GDP of many developing countries by up to 10 percent. Disruptions in supply chains fueled a sharp rise in inflation. Then, the Ukraine conflict, and accompanying western financial and trade restrictions, created the triple food, fuel and finance crisis for most developing countries.