Bangkok: Senator Muhammad Aurangzeb, Pakistan’s Federal Minister for Finance and Revenue, addressed the pressing issues facing developing economies at the G-24 Finance Ministers and Central Bank Governors’ Meeting in Bangkok. Speaking as the First Vice-Chair of the G-24, he emphasized challenges such as trade and investment disruptions, climate shocks, restrictive financial conditions, and widening financing gaps.

According to Press Information Department, Aurangzeb reaffirmed Pakistan’s commitment as the incoming Chair of the G-24 to bolster the group’s influence and advocate for developing economies’ interests. He called for reforms in the international financial architecture to address these challenges and urged for timely support for nations undertaking difficult reforms amidst external shocks.

The Finance Minister outlined three key priorities for the G-24: restoring development as a central focus of the international financial system, enhancing the representation and responsiveness of the Bretton Woods institutions, and constructing a development-focused international financial architecture. He praised Nigeria’s leadership and emphasized the need for cooperation among member countries and institutional partners to foster a more inclusive and development-oriented international economic order.