Aurangzeb takes chair of sovereign debt Borrowers' Platform

Pakistan has taken the chair of the Governing Council of the Borrowers' Platform, an international grouping of sovereign debtor states, with finance minister Muhammad Aurangzeb accepting the role on the country's behalf on the sidelines of the World Bank Group–IMF Annual Meetings in Bangkok, according to a statement read on Monday.

The platform is a member state-led initiative intended to give developing countries a dedicated space to coordinate, share knowledge and speak with a collective voice on sovereign debt challenges. Aurangzeb acknowledged Egypt's leadership of the group and the contributions of member countries and the secretariat in operationalising it, the statement said.

The minister said the platform would promote mutual learning and technical cooperation rather than serve as a collective bargaining or crisis-management mechanism. Under its 2026–27 work plan, he set out Pakistan's priorities as strengthening debt-management practices, sharing reform experiences and exploring innovative development-financing instruments. He reaffirmed Pakistan's commitment to practical implementation and measurable results, saying debt should remain an instrument for development rather than a constraint on it.

In a separate engagement, Aurangzeb met Dan Katz, First Deputy Managing Director of the International Monetary Fund. They discussed Pakistan's macroeconomic stabilisation, progress under the IMF-supported programme and ongoing structural reforms, with the minister highlighting improved investor confidence, sovereign credit rating upgrades and renewed access to international capital markets, according to the statement. He reaffirmed the government's commitment to fiscal discipline, tax reforms, privatisation and sustainable economic growth.

Both sides welcomed the staff-level agreement and acknowledged improvements in fiscal performance, foreign exchange reserves, inflation and external sector stability, the statement said. Discussions also covered the impact of the Middle East conflict on energy prices and inflation, including targeted relief for vulnerable households within fiscal constraints. Aurangzeb travelled to Bangkok to lead Pakistan's delegation to meetings scheduled for October 12 to 18, 2026, with a programme of more than 60 high-level engagements with international financial institutions, finance ministers, development partners, investors, banks, credit rating agencies and think tanks.