Summit of the Future: Asif calls for action on financial inequality 

NEW YORK: In an address at the “Summit of the Future” held alongside the 79th United Nations (UN) General Assembly, the Defense Minister Khawaja Asif stressed the critical need for reform within the international financial system to better the representation of the developing nations on Tuesday.

Asif’s comments were part of a larger dialogue surrounding the endorsement of the “Pact of the Future” , which seeks to tackle urgent global security and developmental issues.

Read more: 79th UN General Assembly: Pakistan to address Palestine, Kashmir, climate change

The defense minister said that the endorsement of the Pact signifies a  unified commitment among nations to address challenges that pose risks to future generations.

He pointed out the pressing requirements to close an enormous financial gap of $4 trillion to meet the Sustainable Development Goals (SDGs). “To achieve the SDG objectives, it is essential to  bridge the financial gap of $4 trillion” he said.

Asif urged the implementation of concrete measures to address such a huge deficit.

He also highlighted the necessity of improving the representation of developing countries in international financial institution.

The defense minster argued that equitable representation was important  for tackling the distinct challenges the second and third world nations encounter.

“It is imperative that the representation of developing nations in global financial institutions is enhanced”, he said, urging for a more inclusive and fair global financial architecture.

Asif also raised alarms about the pressing need to regulate artificial intelligence (AI). He expressed apprehension regarding the potential dangers associate with unregulated AI technologies, calling on global leaders to take proactive measures.

“The regulation of artificial intelligence is unavoidable”, the defense minster declared, urging the importance of establishing frameworks to ensure that technological progress served the interests of all segments of society.

Read more: Hamas armed wing field commander killed by Israel in Lebanon

Asif also addressed the ongoing humanitarian crisis in Gaza, where he characterised as a huge impediment to development in the global south. “Tragedies such as those occurring in Gaza represent a major hindrance that sustainable development remains unattainable as long as global powers continue to remain silent on critical issues impacting vulnerable communities”.