Pakistan has joined a group of developing countries to launch a new global borrowers’ platform aimed at improving debt sustainability, transparency, and coordination among borrowing nations. The initiative was introduced at a high-level meeting of finance ministers and central bank governors, with Pakistan and Egypt co-chairing the working group behind its development.

Finance Minister Muhammad Aurangzeb, speaking at the launch, highlighted long-standing challenges faced by developing economies, pointing to structural weaknesses in the global financial system and creditor-driven lending practices that often overlook borrowers’ needs.

The platform, supported by the United Nations and facilitated by UN Trade and Development (UNCTAD), will promote knowledge-sharing, improve negotiation capacity, and serve as a collective voice for developing countries in global financial discussions.

The move comes at a time of rising debt pressures worldwide, with developing countries collectively facing trillions of dollars in external debt and many spending more on debt servicing than on essential sectors like health and education.

The interim phase of the platform will run until October 2026, during which participating countries will establish governance structures and operational frameworks. Officials hope the initiative will enhance transparency, attract investment, and create a more balanced global financial system.