ISLAMABAD: Federal Finance Minister Senator Muhammad Aurangzeb has called for comprehensive reforms in the international financial system to address the growing economic challenges faced by developing countries, stressing the need to make global financial institutions more responsive to their development priorities.

Addressing a meeting of the Group of 24 (G24), Aurangzeb said Pakistan would use its upcoming presidency of the group to advocate for the interests of developing economies and work towards practical solutions to the financial and economic difficulties they face.

The finance minister highlighted several challenges affecting developing countries, including increasing global divisions, disruptions to international trade and investment, the adverse effects of climate change, tightening financial conditions and a shortage of resources for development. He warned that these pressures were undermining economic progress and making it increasingly difficult for vulnerable economies to achieve sustainable growth.

Aurangzeb said the international financial system must place development at the centre of its objectives and ensure that developing countries receive adequate support to address their economic needs. He emphasised that global financial institutions should reflect the interests of their member countries more effectively and improve their ability to respond to changing economic realities.

He also stressed the importance of reforming the Bretton Woods institutions to make them more representative, inclusive and responsive to the priorities of developing economies. According to the minister, strengthening these institutions would help countries address financing gaps, manage economic pressures and pursue long-term development goals.

Aurangzeb identified the creation of a development-focused international financial system as another key priority for the G24. He underscored the need for a global framework that supports economic growth, promotes investment and enables developing nations to build greater resilience against external shocks.

The minister also praised Nigeria’s leadership of the group, acknowledging its role in advancing discussions on the economic concerns of developing countries.

He said close cooperation among G24 member states and relevant international institutions would remain essential to building a more inclusive, stable and development-oriented global economy.

Pakistan’s upcoming G24 presidency is expected to provide an opportunity for the country to strengthen collective efforts to address the financing needs of developing economies and push for reforms that give their concerns greater consideration in international economic decision-making.