BANGKOK: Federal Finance Minister Muhammad Aurangzeb has called for reforms to the global financial system, warning that trade barriers and climate change are creating additional challenges for developing economies.
Addressing the G-24 Central Bank Governors’ meeting in Bangkok as the group’s first vice-chair, Aurangzeb highlighted the financial constraints faced by developing countries and called for timely international assistance to support their development needs.
He said tighter financing conditions and limited access to financial resources were making it increasingly difficult for developing economies to address their economic challenges.
READ ALSO: Pakistan to refinance short-term external debt to reduce rollover risks: Aurangzeb
Aurangzeb emphasised the need to reform the global financial architecture to ensure developing countries receive timely and adequate support.
He called for development priorities to be given greater consideration in international financial arrangements, particularly as countries contend with economic uncertainty, climate-related challenges and barriers to global trade.
The minister said international cooperation and improved access to financing were essential to helping developing economies address these pressures.
Aurangzeb also called for the World Bank and the International Monetary Fund (IMF) to become more effective in meeting the needs of their member countries.
He stressed the importance of increasing the representation of developing nations in global financial institutions, arguing that their concerns and development priorities should receive greater consideration in international decision-making.
Greater representation, he said, would help ensure that the challenges confronting developing economies are better reflected in global financial policies.
Aurangzeb expressed optimism that Pakistan would effectively represent developing countries when it assumes leadership of the G-24.
He indicated that Pakistan would seek to advance the interests of developing economies and support efforts to address structural challenges within the international financial system.
The minister’s remarks underline Pakistan’s call for stronger international financial cooperation, more inclusive decision-making and improved support for countries facing economic and climate-related pressures.
Appreciating Nigeria’s leadership, he emphasized cooperation among members and institutional partners to advance a more representative, resilient and development-centred international economic order.