ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday said he planned to present Pakistan’s stance on the urgent need to restructure international financial institutions to address the challenges facing humanity.

He made the remarks as he was departing for France to attend the New Global Financing Pact Summit in Paris.

In a tweet, the premier emphasised that the summit provided a “unique opportunity” for global unity, enabling consensus on fundamental principles and necessary measures for a comprehensive overhaul of the international financial system.

The summit serves as a platform for the exchange of ideas and consultation on future changes in the global financial system to address challenges related to sustainable development, alternative and renewable energy sources, environment, and climate change, the statement added.

The PM further highlighted that Pakistan, as a prominent stakeholder in the G-77 plus China alliance and a nation significantly affected by climate change, was well-positioned “to assume this role”.

Later, the Prime Minister’s Office also shared a video on Twitter, featuring the premier and his delegation boarding a plane bound for France.

The premier will also hold bilateral meetings with global leaders during his stay in Paris.

In another statement earlier today, the prime minister said the coalition government had decided to set up a Special Investment Facilitation Council (SIFC) with a mandate to frame economic policies that ensure policy predictability, continuity and effective implementation to revive the economy.

“Attracting investment from friendly countries remains one of the key goals of the SIFC. The immediate task is to increase foreign direct investment to $5 billion,” he said in a tweet, explaining initiatives being taken by the government to provide economy a forward thrust.

He said the SIFC would serve as a top decision-making forum to push through fundamental reforms in the structure of the economy. “To begin with, the forum will focus on leveraging key sectors such as IT, agriculture, energy, minerals and mining, and defence production.”

According to the premier, the need for a representative forum like the SIFC had long been felt, given the scale of the economic challenges caused by “internal and external factors”.