Pakistan has taken charge of the Governing Council of the Borrowers’ Platform, a UN-backed initiative designed to strengthen developing countries’ voices in international debt discussions. Finance Minister Muhammad Aurangzeb accepted the chairmanship in Bangkok on October 12, 2026, according to the Pakistani government.
The platform brings borrowing countries together to exchange knowledge, improve debt-management capabilities and discuss shared financial challenges. The United Nations Conference on Trade and Development (UNCTAD) serves as its secretariat.
Pakistan’s appointment comes as the country continues to depend on external financial assistance. In 2023, it narrowly avoided a sovereign default through a $3 billion International Monetary Fund (IMF) bailout, followed by a $7 billion programme in 2024 and a separate $1.3 billion climate-resilience loan.
Pakistan’s external debt and liabilities stood at $137.55 billion at the end of March 2026, according to State Bank of Pakistan data.
What Is the Borrowers’ Platform?
The idea emerged during a global development-financing conference in Seville, Spain, in July 2025. The platform was formally launched in Washington on April 15, 2026.
It aims to address an imbalance in international finance: creditors have established mechanisms for coordination, while borrowing countries have historically lacked a comparable permanent forum to share experiences and concerns.
Membership is voluntary and does not require a fee, according to UNCTAD. The platform offers governments opportunities to learn from other countries’ borrowing experiences, access expert support and strengthen their debt-management systems.
The Governing Council sets priorities, while a separate Steering Committee oversees technical and operational work.
What Will Pakistan Do as Chair?
Pakistan helped establish the platform and previously served as vice-chair of a working group that included Egypt, Colombia, Honduras, the Maldives, Nepal and Zambia.
As chair, Pakistan is expected to guide cooperation on debt management, encourage the exchange of policy experiences and advance the platform’s 2026–27 work programme.
Aurangzeb has said Pakistan intends to focus on practical reforms, alternative development-financing approaches and measurable results. The chairmanship could give Islamabad an opportunity to draw on its experience navigating financial crises and negotiating international assistance.
However, the platform is not authorised to negotiate loan conditions or debt repayments on behalf of its members.
Will Pakistan Get Debt Relief?
Pakistan’s new position does not automatically reduce its repayment obligations or secure additional funding. The platform is intended to complement existing debt arrangements rather than replace negotiations with creditors or international financial institutions.
On October 7, Pakistan reached a staff-level agreement with the IMF that could unlock approximately $1.21 billion, subject to approval by the Fund’s Executive Board.
The country’s experience may help it understand the challenges faced by other debt-burdened nations. However, its effectiveness as chair will depend on whether the platform can translate shared concerns into practical improvements in debt management and development financing.
For official information, visit the UNCTAD website.
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