Pakistan wants the Group of 24 to play a stronger role in international economic discussions as developing countries confront financing shortages, climate risks and uncertainty in global trade.
Finance Minister Muhammad Aurangzeb outlined the position at a meeting of G-24 finance ministers and central bank governors held alongside the World Bank and IMF annual meetings in Bangkok.
He called for changes to the international financial architecture so that it responds more effectively to the needs of developing economies. He also highlighted the pressure created by restrictive financing conditions and external shocks that can undermine development progress.
For countries with substantial borrowing needs, access to affordable finance is important for maintaining investment in infrastructure and public services. Sudden changes in global financial conditions can also increase debt-servicing costs and place pressure on national budgets.
Pakistan, as the incoming chair of the G-24, has an opportunity to help coordinate discussion among member countries. Turning shared concerns into practical reforms, however, will require agreement among a wider range of international institutions and governments.
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