Pakistan’s finance chief seeks greater developing nation role in global financial bodies at G-24

ISLAMABAD: Federal Minister for Finance Muhammad Aurangzeb on Tuesday emphasized greater representation of developing nations in global financial institutions while attending the G-24 Ministers and Governors Meeting in Washington, DC, according to an official statement.

Aurangzeb is currently in the US to attend the annual World Bank and International Monetary Fund (IMF) meetings, where global finance leaders have convened to address challenges such as sluggish international growth, managing debt distress and financing the transition to green energy.

The G-24 is an intergovernmental group established to coordinate the positions of developing countries on international monetary and financial matters. Pakistan has recently been appointed as the Second Vice Chair of the G-24 Bureau for the fiscal year 2024-25, a position that strengthens its influence in shaping global financial policies affecting developing countries.

“In his intervention, the Minister urged all development partners to work closely together to resolve the pressing issues of climate change, population growth and child stunting faced by developing countries especially Pakistan,” said a statement issued by the Finance Division.

“The Finance Minister also emphasized the need to address issues including high debt burdens on developing countries, need for climate action and greater representation of developing countries in the Bretton Woods institutions,” it added.

Aurangzeb held several meetings with his counterparts from other countries and representatives of international financial institutions, sharing details on the government’s economic reforms alongside its plans to benefit from global capital markets.

He met with the Saudi finance chief, Mohammed Aljadaan, on the sidelines of the World Bank-IMF meetings, appreciating the historical ties between the two countries and expressing resolve to further deepen the mutually beneficial economic relationship.

The Pakistani minister also discussed bilateral trade and investment in key sectors with his Saudi counterpart.

Aljadaan shared his experience of reforms in the energy sector, according to the statement, before the two officials agreed to advance cooperation in areas of mutual interest.