Pakistan presses G-24 for reform of international financial architecture
Pakistan has called for reform of the international financial architecture to keep pace with the pressures bearing on developing economies, with finance minister Muhammad Aurangzeb citing fragmentation that is disrupting trade and investment, climate shocks eroding development gains, restrictive financial conditions and widening financing gaps. He was speaking in his capacity as First Vice-Chair of the G-24 at the Finance Ministers and Central Bank Governors' Meeting, held on the sidelines of the World Bank Group–IMF Annual Meetings 2026 in Bangkok, Thailand. Aurangzeb reaffirmed Pakistan's commitment, as incoming Chair of the G-24, to strengthening the group's collective influence and advancing the interests of developing economies.
The finance minister said reform of the international financial architecture must keep pace with those challenges, and called for timely support for countries undertaking difficult reforms while confronting external shocks beyond their control. He outlined three priorities for the G-24: restoring development as the central objective of the international financial system, making the Bretton Woods institutions more representative and responsive, and building a development-oriented international financial architecture. Appreciating Nigeria's leadership, he emphasised cooperation among members and institutional partners to advance what he described as a more representative, resilient and development-centred international economic order.
Speaking at the World Bank's roundtable on "Transforming Demographic Transition into Human Capital Gains and Job Creation", Aurangzeb stressed the urgency of addressing Pakistan's rapid population growth and its implications for health, education and employment. Drawing on the experiences of Indonesia, Bangladesh and Iran, he highlighted women's education, workforce participation and engagement with religious leaders on birth spacing as key priorities. He outlined the establishment of a National Population Council led by the prime minister and emphasised coordinated federal and provincial action, sustained political commitment and measurable outcomes to bring fragmented initiatives into a comprehensive framework. Realising Pakistan's demographic dividend, he said, requires a skilled workforce and private-sector-led growth that creates jobs, with freelancing, IT-enabled services and digital skills identified as opportunities to boost youth earnings and exports.
In a separate engagement with Sultan Abdulrahman Al-Marshad, chief executive officer of the Saudi Fund for Development, the finance minister expressed condolences over the loss of life in recent incidents in Saudi Arabia and thanked the Kingdom for its longstanding support to Pakistan. He highlighted Pakistan's improving macroeconomic position and renewed access to international capital markets. The discussions focused on expanding trade and investment, strengthening private-sector engagement, following up on the bilateral investment protection agreement and exploring opportunities for refinery upgrades. Both sides noted satisfactory progress on SFD-supported projects and emphasised the importance of developing a fresh pipeline of projects. The Saudi Fund for Development reaffirmed its continued support to Pakistan within its mandate.
