UNITED NATIONS, April 17: Pakistan on Monday chided the developed countries for not keeping their official development assistance (ODA) commitments and stressed the need for a fundamental reform of the international financial system and “its governance architecture, in all relevant forums”.

Pakistan’s United Nations Ambassador Munir Akram made these observations while speaking on behalf of the Group of 77 and China at a high-level meeting of Bretton Woods Institutions, World Trade Organisation (WTO) and the United Nations Trade and Development (UNCTAD) at the world body’s headquarters.

Underscoring that “developing countries have demonstrated a sincere commitment to implement their part of these commitments to devise national development strategies, improve governance and create a macro- economic climate conducive for growth, trade and investment,” Akram noted “unfortunately, our development partners have not demonstrated a similar alacrity in implementing their part of the commitments be it in development assistance and financing, trade, technology transfer and other areas of cooperation.”

He said: “It is important not to lose sight of the major and multiple challenges which developing countries continue to confront within an increasingly globalised but unequal international economy.”