Finance Minister Muhammad Aurangzeb has urged the international community to renew its commitment to revitalising global development cooperation in line with the 2030 Agenda for Sustainable Development, calling the effort essential for meaningful progress at a critical juncture in global development.
Addressing a Multistakeholder Round Table at the Fourth International Conference on Financing for Development (FfD4) in Sevilla, Spain, Aurangzeb proposed a three-pronged strategy to implement the Sevilla Outcome and advance global development objectives, according to a statement issued by the Ministry of Finance on Wednesday.
As a first step, the minister called for urgent execution of priority actions to move from pledges to delivery. He emphasised the importance of enhancing country ownership of development agendas, asserting that national strategies should take precedence over donor-driven models to ensure alignment with domestic priorities.
Highlighting financing challenges faced by developing economies, Aurangzeb stressed the need to expand access to concessional and blended finance, particularly for climate and SDG-linked investments. He called for reforms to the global financial architecture, urging multilateral development banks, international financial institutions, and credit rating agencies to factor in countries’ reform efforts, climate risks, and development goals in their assessments and lending terms.
The minister also advocated for a shift within developing countries from input-based development models to strategies centred on measurable outcomes. He called for the integration of cross-cutting themes such as climate resilience, gender equity, and digital inclusion into national development plans. Aurangzeb also emphasised the importance of scaling up South-South and triangular cooperation based on peer-driven, context-specific solutions.
As a third key proposal, the finance minister suggested the establishment of global delivery mechanisms to support the implementation of the Sevilla Commitments. He proposed the creation of expanded blended finance platforms to de-risk private investment using tools like guarantees, first-loss capital, and outcome-linked bonds.
He further recommended the formation of a global facility or task force to oversee the Sevilla agenda, with responsibilities for monitoring, implementation tracking, and ensuring accountability through defined timelines and assigned deliverables.
Concluding his remarks, Aurangzeb reaffirmed Pakistan’s commitment to building inclusive, outcome-oriented partnerships that contribute to sustainable global development.
