Illicit flow of money cause of global inequality: PM

ISLAMABAD: Prime Minister Imran Khan has said the illicit flow of money from poor countries to richer states is the biggest reason behind the huge inequality and poverty in the word, state media reported.

Speaking at the launching of the United Nations Development Program’s Pakistan National Human Development Report in Islamabad on Tuesday, Khan said every year, around one trillion dollars land illegally from poor countries to richer countries, while money-laundering of around seven trillion dollars takes place in tax havens.

He said it is unfortunate that the richer countries have not evolved any mechanism to stop this illegal flow of money. Khan said this practice not only affects the living standard of the people, but also causes devaluation of currency that leads to more poverty in the world.

The Prime Minister said the definition of a civilised society is the extent to which it takes care of its weaker segments and works towards reducing inequality and poverty.

Khan said his government is the first one in the history of the country which decided to go after sugar cartels and is determined to strengthen the Competition Commission of Pakistan to check cartelisation. He also said the uplift of poor segments of society is the top priority of the government.

The Prime Minister also lauded the performance of the Khyber Pakhtunkhwa government for taking steps to significantly reduce poverty and improve human capital in the province.

He said the country was facing “a very scary” third wave of Covid-19 and he will personally talk to the International Monetary Fund to discuss ways and means to further protect the vulnerable segments of society.

He also appreciated UNDP for its tremendous job to benefit poor countries in facing various challenges.