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Washington DC: At the G-24 Ministers and Governors Meeting and the Vulnerable-20 Ministerial Dialogue in Washington, Finance Minister Muhammad Aurangzeb called on international partners to jointly tackle pressing challenges such as climate change, population growth, and child stunting, with a focus on the needs of developing countries like Pakistan. During his participation, he also underscored the significant issues of high debt burdens, the necessity for proactive climate action, and the importance of increased representation for developing nations in global financial institutions.
According to Ministry of Information and Broadcasting, Minister Aurangzeb, who was recently appointed as the Second Vice Chair of the G-24 Bureau for the fiscal year 2024-25, emphasized Pakistan’s proactive steps towards formulating its Climate Prosperity Plan. He advocated for a reform in global finance that aligns debt mechanisms with climate goals and called for the expansion of grant opportunities and concessional financing by Multilateral Development Banks.
In addition, during an interview with Bloomberg, Minister Aurangzeb highlighted Pakistan’s recent financial developments, including a positive response from China regarding the extension of loan maturities under the Belt and Road Initiative and a new $7 billion loan program with the International Monetary Fund which has brought stability. He mentioned that Pakistan would seek further support through the IMF’s Climate Resiliency Fund and noted the significant reduction in the central bank’s benchmark interest rate by 450 basis points to 17.5% from a record 22%.
These discussions and interviews underscore Pakistan’s active engagement in global dialogues to address both its specific economic challenges and broader issues affecting the developing world.
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