Washington, D.C.: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, participated in the launch of the Borrowers’ Platform on the sidelines of the World Bank-IMF Spring Meetings in Washington, D.C. He emphasized the challenges faced by developing countries in managing debt distress due to high borrowing costs and stringent global financial conditions.

According to Press Information Department, the Finance Minister noted the necessity of domestic reforms while pointing out the systemic limitations within the global financial architecture that restrict borrowing nations’ policy options. He introduced the Borrowers’ Platform as a new forum for borrowing countries to share experiences and address emerging risks, emphasizing that it is not a negotiating bloc but a voluntary initiative for peer learning and enhancing the influence of borrowing nations in global finance.

In his closing remarks, the Finance Minister acknowledged the United Nations Secretary-General’s advocacy for financial reforms and praised Egypt’s leadership, announcing Egypt as the interim Chair of the Platform. He also recognized the support from the United Nations Conference on Trade and Development (UNCTAD).