Prime Minister Imran Khan on Tuesday reiterated his concern about the illicit flow of $ 1 trillion from developing countries to tax havens, stressing the need to stop these flows.

The Prime Minister’s remarks came during the World Leaders Summit Dialogue hosted by the United Nations Conference on Trade and Development (UNCTAD) at its current 15th quadrennial meeting, hosted by Barbados.

“According to the FACTI panel (United Nations High Level Group on International Financial Accountability, Transparency and Integrity), $ 7 trillion is parked in these tax havens and heavenly destinations,” he said.

“This looting is taking place because of the corrupt ruling elite in the developing world,” the Prime Minister added.

He called the challenge a “huge crisis” which he said will only “get worse” in the years to come.

Prime Minister Imran Khan said the only way it would stop is to implement the recommendations of the FACTI panel, while acknowledging that “unfortunately the wealthier countries that can do something about it [have] no incentive to do anything “.

The Prime Minister said that illicit exits “crush” the inhabitants of the developing world, not only because the money is diverted to the developed world – which could instead be spent on human development – but also because, as a result, , when the money leaves the country, it affects the local currency which devalues, leading to inflation, then more poverty.

He said an invisible effect that even the developed world will see in the days to come is on economic migrants, who are barely a “trickle” at the moment.

“I urge you, Madam Secretary-General, to do your utmost to raise awareness that this enormous injustice being done to the peoples of the developing world must end. “

Earlier, Prime Minister Imran Khan also spoke of prioritizing vaccine equity, debt relief and climate finance, as part of the global economic recovery from the devastating effects of the COVID-19 pandemic.

Expressing concerns about the inequity of vaccines, the Prime Minister called for a more equitable distribution. Also, recalling his campaign for debt relief, the Prime Minister pleaded for debt relief until the end of the pandemic.

In addition, he reaffirmed the urgent need for mobilization and contribution of richer countries to climate finance given the vulnerability and existential challenges faced by Small Island Developing Countries (SIDS) and other developing countries. , including Pakistan.

The Prime Minister was invited to the Leaders’ Dialogue with the Presidents of Kenya and Guyana, the Secretary-General of UNCTAD and heads of other United Nations agencies, under the theme “Building a more prosperous development path: to height of the moment ”.

The quadrennial conference, hosted virtually by Barbados from October 4-7, 2021, takes place against a backdrop of unprecedented economic, public health and social effects, induced and exacerbated by the COVID-19 pandemic.