CNN Central News & Network-ITDC India Epress/ITDC News Bhopal: Islamabad. Pakistan, which is itself struggling with heavy foreign debt and economic challenges, will now lead an international platform that supports developing countries in debt management. Pakistan’s Finance Minister Muhammad Aurangzeb took over as chair of the governing council of the United Nations-backed Borrowers Platform in Bangkok, the capital of Thailand, on October 12, 2026. The development has sparked discussion that Pakistan, a country dependent on economic assistance, will now also play a role in addressing the problems of other debtor countries.
What is the Borrowers Platform? The Borrowers Platform is a common forum of developing countries aimed at giving borrowing nations an opportunity to discuss their economic challenges, share experiences and strengthen debt management capacity. The United Nations Conference on Trade and Development (UNCTAD) is serving as the secretariat of the platform. Through this forum, member countries can consider better debt management, economic reforms and new ways to raise finance for development projects. Its objective is also to strengthen the voice of borrowing countries in the international financial system.
How much debt does Pakistan have? Pakistan has long been facing an economic crisis and the need for foreign financial assistance. In 2023, the country received a $3 billion relief programme from the International Monetary Fund (IMF) to avoid a sovereign debt default, or a situation in which it would be unable to repay its debt. In 2024, the IMF approved another $7 billion programme for Pakistan. On October 7, 2026, the IMF announced a staff-level agreement with Pakistan related to a review. Under this, subject to approval by the executive board, Pakistan could receive about $1.21 billion in additional assistance. According to data from Pakistan’s central bank, the country’s total external debt and liabilities stood at about $137.55 billion by the end of March 2026.
Becoming chair will not mean Pakistan’s debt is waived. Pakistan’s new responsibility does not mean that its own debt will be forgiven or that repayment terms will automatically be eased. This platform is not an institution that conducts collective negotiations on debt restructuring or provides emergency assistance during financial crises. Its role is mainly to share experiences, enhance technical cooperation and develop a common approach to debt-related problems.
Pakistan now faces the challenge of how it uses its own experiences to expand cooperation with other developing countries. Its chairmanship has certainly given it responsibility on an international platform, but the country’s own economic challenges and debt repayment obligations will remain.
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