Prime Minister Sheikh Hasina has called for strengthening global solidarity and adopting a well-coordinated response against the food, energy and financial crises resulting from Russia-Ukraine war and Covid-19 pandemic, placing four proposals to tackle the situation.
“The war in Ukraine comes at a time when the world is still struggling to recover from the COVID-19 pandemic. It has added serious stress on the already fragile global economy,” she said.
The Prime Minister was addressing, from her official Ganabhaban residence, the first high level meeting of the Champions of “Global Crisis Response Group-GCRG” held on virtual platform Friday.
Sheikh Hasina sought effective role of the advanced economies and financial institutions to face the crisis in an effective way.
She said the Russia-Ukraine war made the situation extremely volatile, while the short supply and unusual price hike of food, fuel and other commodities already put serious strain on the lives of the common people.
The LDCs and SIDs are bearing the heaviest brunt and they need immediate and targeted support measures to overcome this situation, she said.
She urged the advanced economies and multilateral financial institutions to come forward and grant duty-free-quota-free market access, and more accessible financing.
UN Secretary General Antonio Guterres has formed the group aimed at facing the ongoing global crisis arising out due to Ukraine-Russia war and the Covid-19 pandemic.
Against the backdrop of the global crisis, Sheikh Hasina placed four proposals to overcome the situation.
In the first proposal, she said, “First, we must strengthen global solidarity and adopt a well-coordinated response. The G-7, G-20, OECD, and international financial institutions have a crucial role to play.”
The Prime Minister said she is happy to see the Steering Committee of this Group comprises all the major financial institutions.
“We will lend our full support to their efforts for tailoring actionable recommendations to tackle the crisis,” she added.
Secondly, she said, the immediate need is to address disruptions of global logistics and supply chains.
“This will help control the rising commodity price. There must also be targeted international support to revitalize global trade and export earnings, especially of the LDCs and other vulnerable countries,” she added.
The advanced economies and multilateral financial institutions have to come forward and grant duty-free-quota-free market access, and more accessible financing, she said.
In the third proposal, she said it is imperative to put more focus on increased technology support and investments for agricultural sector, for effective food storage and distribution systems.
There are also many untapped business opportunities in the renewable energy field, especially in the LDCs, she stated.
“We can leverage the existing north-south, south-south, and triangular cooperation to advance these agenda. Engagement with the private sector is also going to be critical in this regard,” she opined.
Finally, she said, as the President of the 48-member Climate Vulnerable Forum, “We have had the opportunity to work with many SIDs and low-lying climate vulnerable countries.
“In those countries, agro-food system is under serious stress, she added.