Pakistan’s G-24 Chair Proposes Financial Architecture Reforms Amid Global South Challenges

Pakistan's incoming G-24 chair, Muhammad Aurangzeb, pledged enhanced global south representation in international financial systems. The finance minister emphasized reforming the global financial architecture to address trade fragmentation, climate shocks, restrictive financial conditions, and widening financing gaps.

Aurangzeb stressed that reforms must ensure timely financial support for countries implementing difficult economic adjustments while managing external shocks beyond their control. He reaffirmed Pakistan's commitment to strengthening the G-24's collective influence to translate the Global South's voice into tangible outcomes.

Pakistan issued its first Panda bond worth 1.75 billion yuan ($261 million) in mid-May as part of a 7.2 billion yuan program. The Asian Development Bank (ADB) and Asian Infrastructure Investment Bank (AIIB) provided partial guarantees for this issuance.