Pakistan secures chairmanship of borrowers’ platform at WB, IMF meetings

Pakistan has been unanimously elected Chair of the Governing Council of the newly established Borrowers’ Platform, which comprises more than 30 developing countries.

The platform’s first Governing Council meeting was held on the sidelines of the annual meetings of the World Bank and the International Monetary Fund (IMF) in Bangkok. Pakistan’s Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, accepted the responsibilities of the position on behalf of the country.

On the occasion, United Nations Secretary-General António Guterres said that poor and developing countries around the world were facing a “major economic storm.”

According to the latest report by the United Nations Development Programme (UNDP), developing countries are spending an average of approximately 9.5% of their total revenue on interest payments alone, the highest level since 2001.

Addressing the meeting, Federal Minister for Finance Muhammad Aurangzeb appreciated the efforts of Egypt’s previous leadership and the participating member countries. He emphasized that the platform had been established to promote mutual learning and technical cooperation rather than collective bargaining or serving as a temporary mechanism for crisis management.

Highlighting the priorities of the 2026–27 work plan, Aurangzeb said Pakistan aimed to improve debt management, facilitate the exchange of reform experiences, and explore innovative sources of development financing.

He stressed that debt should serve as a means of promoting development rather than an obstacle to progress.

Speaking to the media and senior officials in Bangkok, the finance minister also revealed that he had held constructive discussions with IMF First Deputy Managing Director Dan Katz on Pakistan’s economic stability and structural reforms.

According to the minister, the IMF had acknowledged improvements in Pakistan’s foreign exchange reserves, a decline in inflation, and progress towards macroeconomic stability.

In addition, Aurangzeb participated in the V20 Finance Ministers’ Dialogue, where he emphasized the need for technical and financial cooperation to address the challenges posed by climate change and mounting debt pressures.