Federal Minister for Finance Muhammad Aurangzeb underscored the need for enhanced representation of developing nations in global financial bodies during his participation in the G-24 Ministers and Governors Meeting in Washington, D.C., on October 22, 2024. This meeting is part of his attendance at the annual World Bank and International Monetary Fund (IMF) meetings, where global finance leaders have gathered to address pressing issues such as sluggish international growth, debt distress, and the transition to green energy.
The G-24, an intergovernmental group, aims to coordinate the positions of developing countries on international monetary and financial matters. Pakistan’s recent appointment as the Second Vice Chair of the G-24 Bureau for the fiscal year 2024-25 enhances its role in shaping global financial policies that affect developing nations.
In his address, Aurangzeb urged all development partners to collaborate closely in addressing critical challenges such as climate change, population growth, and child stunting, particularly in developing countries like Pakistan. He emphasized the urgent need to tackle high debt burdens, implement climate action, and increase the representation of developing nations in the Bretton Woods institutions.
Throughout the meetings, Aurangzeb engaged with his counterparts from various countries and representatives of international financial organizations, sharing insights into Pakistan’s economic reforms and its plans to leverage global capital markets.
On the sidelines of the World Bank-IMF meetings, he met with Saudi Finance Minister Mohammed Aljadaan, expressing appreciation for the historical ties between Pakistan and Saudi Arabia. The two officials discussed strategies to deepen their mutually beneficial economic relationship, focusing on bilateral trade and investment in key sectors.
Aljadaan shared his insights on reforms in the energy sector, leading to a consensus on advancing cooperation in areas of mutual interest.
