KARACHI: Members of the fisherfolk community, civil society and rights activists staged a rally calling for a transformation of the international financial system, along with immediate demands such as debt cancellation, wealth taxes and the delivery of climate finance.

The rally was held in connection with the 4th International Conference on Financing for Development (FFD4) in Sevilla, Spain, a once-in-a-decade UN gathering that concluded on Sunday.

The participants marched from Governor House Roundabout to the Karachi Press Club, carrying banners and placards and raising slogans in favour of their demands.

Civil society organisations and movements reiterated the urgent demand for debt cancellation and called for a UN Framework Convention on Debt to pave the way for a democratic, multilateral and transparent mechanism to address unsustainable and illegitimate debts.

They assert that it is vital to move away from creditor-dominated forums that have failed to prevent and resolve the accumulation of unsustainable and illegitimate debts, and have resulted in debt relief schemes that protect creditor interests. In 2022, developing countries paid USD 49 billion more to their external creditors than they received in fresh disbursements.

Pakistan Fisherfolk Forum General Secretary Saeed Baloch said, “The global financial architecture is dominated by rich countries and not responsive to the needs and priorities of the Global South. It is in the interest of all of us... to build a Financing for Development system that reduces inequality... and ensures adequate public finance for climate change.”

Fatima Majeed, senior vice chairperson, said, “The international tax system is broken... Tax abuse by the rich and multinational corporations has instead taken these resources, deepening the debt crisis... A historic process is underway as countries will meet in August to begin negotiations on a UN Tax Convention.”

Climate disasters are further depleting public coffers in developing countries. Civil society groups emphasised that climate finance must be delivered in the form of public, predictable, grant-based finance, not loans. Aid cuts by Global North governments were denounced as harmful to necessary transitions.

Qazi Khizar of the HRCP, said, “The world is on fire — and the systems meant to protect us are feeding the flames.”

Majeed Motani, city president of PFF, said: “What our world needs is a massive transfer of resources from North to South, as part of the reparations we are owed for historical injustice.”

Talib Kuchi, PFF Karachi Secretary, added, “A UN Convention on Sovereign Debt... can deliver fair, sustainable and equitable solutions for all.”

Published in Dawn, June 30th, 2025