Pakistan on Sunday assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), with Finance Minister Muhammad Aurangzeb outlining plans to promote development-led growth, improve the representation of developing countries and reform the international financial architecture.
In a statement posted on X, the Ministry of Finance said Pakistan was committed to strengthening the collective voice of developing economies and advancing a fair, responsive and development-oriented international financial system.
Aurangzeb described the chairmanship as a profound responsibility, calling for greater international cooperation and stronger multilateral institutions to address climate shocks, development financing gaps and economic fragmentation.
“The future of developing economies is not peripheral to the future of the global economy. It is central to it,” he said, adding that emerging and developing nations could drive investment, innovation, entrepreneurship and global growth.
Three Key Priorities
Aurangzeb said Pakistan would focus on three main priorities during its chairmanship.
The first would be to place development at the centre of economic policymaking. He said macroeconomic stability should provide the foundation for investment, productivity, employment and shared prosperity, allowing developing and low-income countries to move beyond crisis management towards sustainable growth.
The second priority would be to promote more inclusive and representative multilateral institutions.
“Pakistan will advocate for more equitable and fair governance, meaningful participation in decision-making and greater responsiveness of the Bretton Woods institutions to the evolving needs and realities of their members,” he said.
The third priority would be to advance a development-oriented international financial system through affordable and timely financing, sustainable debt solutions and stronger global financial safety nets.
Aurangzeb also highlighted the importance of climate resilience and mobilising public and private investment to support developing economies.
“Our task is to ensure that the immense potential of developing economies is not constrained by an international financial architecture that has yet to fully adapt to a changing world,” he said.
Aurangzeb Vows to Strengthen G-24’s Influence and Support Developing Economies
Focus on Cooperation
The finance minister said Pakistan’s experience of economic stabilisation, reforms and resilience had reinforced the need to align economic stability with long-term development.
He stressed that countries undertaking reforms should have access to sufficient financing and the policy flexibility needed to sustain progress.
Aurangzeb said Pakistan would pursue its G-24 agenda through consultation, consensus and collective advocacy. The country would work with member states across Africa, Asia, Latin America and the Caribbean, alongside the International Monetary Fund, the World Bank and other international partners.
He also acknowledged Nigeria’s contribution as the outgoing chair, saying the group’s leadership should be measured by its impact on developing economies.
“The true measure of our collective leadership will not simply be the strength of our voice, but the difference that voice makes,” he said.
Aurangzeb said the group’s objective was to move from a collective voice to collective influence and, ultimately, meaningful progress.
PM Welcomes Appointment
Separately, Prime Minister Shehbaz Sharif welcomed Pakistan’s appointment as G-24 chair, describing it as an important diplomatic milestone that would strengthen the country’s voice in global economic affairs.
In a statement issued by the Prime Minister’s Office, Shehbaz praised Aurangzeb and the Ministry of Finance team for their efforts, effective diplomacy and professional capabilities.
He also commended their role during the World Bank and IMF annual meetings and their efforts to secure a prominent position for Pakistan in the economic leadership of developing nations.
The prime minister said the chairmanship would provide Pakistan with a platform to advocate reforms to the international financial system, fair climate financing and sustainable development opportunities for emerging economies.
