'Closed for debt but open for business in equity'

At a Sustainable Development Policy Conference on Monday, Bangladesh’s finance adviser Dr Rashid Al Mehmood Titumir urged South Asian countries to reshape development around resilience, stronger domestic production and regional cooperation. He argued that fiscal policy should protect governments’ ability to invest, while industrial policy should build local capabilities, employment and technology links.

Pakistan’s Climate Change Minister Dr Musadiq Malik said debt servicing consumes about 48% of Pakistan’s revenue: the country collects Rs16 trillion and pays roughly Rs8 trillion towards debt costs. He said funding available to the poor had fallen 23% in a year, while the finance ministry was pursuing foreign loans of $500 million and $600 million for separate initiatives. The Express Tribune reported that Malik favoured equity-based development over further borrowing, while Titumir also called for investment in production, skills and social development.