Pakistan calls for global financial reforms to support developing economies

October 13, 2026 (MLN): Pakistan has called for reforms to the international financial system to address mounting challenges faced by developing economies, emphasizing the need for stronger development financing, greater institutional representation and timely support for countries implementing difficult economic reforms.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb highlighted these priorities while representing the G-24 as its First Vice-Chair at the Finance Ministers and Central Bank Governors’ Meeting on the sidelines of the World Bank Group–IMF Annual Meetings 2026 in Bangkok, Thailand.

He pointed to growing fragmentation in global trade and investment, climate-related shocks, tight financial conditions and widening financing gaps as key challenges threatening development progress in emerging and developing economies.

He stressed that international financial institutions must adapt their frameworks to respond effectively to these evolving pressures and provide timely assistance to countries facing external shocks beyond their control.

Outlining the G-24’s priorities, Muhammad Aurangzeb called for placing development at the heart of the international financial system, enhancing the representation and responsiveness of the Bretton Woods institutions, and establishing a global financial architecture that better supports development objectives.

Acknowledging Nigeria’s leadership of the group, he reaffirmed Pakistan’s commitment to advancing the G-24’s collective agenda as the incoming Chair.

He emphasized the importance of strengthening cooperation among member countries and institutional partners to ensure that the concerns of the Global South lead to tangible progress towards a more inclusive, resilient and development-focused international economic order.

Copyright Mettis Link News