has expressed the need to establish alternatives to the current U.S.-dominated global financial system as he handed over the chair of a massive bloc of developing nations to Cuba.
"But efforts to democratize the international financial architecture will be made," Akram said."They should be made."to expand on the direction of these initiatives, the senior Pakistani diplomat pointed to the quota system instituted by the International Monetary Fund , which is based on economic status, prioritizing wealthier, mostly Western countries, while leaving poorer nations with the least say in how money is distributed.
"I'm sure that they will have a plan of action. I think the objectives are clear and common," Akram said."As such, it may be expected that they will push hard for a realization of some of the objectives."