ISLAMABAD: Pakistan has assumed the chairmanship of the G-24, with Finance Minister Muhammad Aurangzeb pledging to strengthen developing countries’ influence in global financial decisions and improve their access to development funding.
The Finance Ministry announced the development on Sunday, saying Pakistan would focus on building a fairer international financial system and addressing challenges such as climate change, debt pressures and financing gaps.
Aurangzeb described the chairmanship as a major responsibility, stressing the need for stronger international cooperation and more representative multilateral institutions.
“The future of developing economies is not peripheral to the future of the global economy. It is central to it,” he said, highlighting the role of developing nations in driving investment, innovation, entrepreneurship and economic growth.
Pakistan outlines three key priorities
Aurangzeb identified three main priorities for Pakistan’s G-24 leadership: development-led growth, stronger representation for developing countries and reform of the international financial system.
He said Pakistan would work to place development at the center of global economic policymaking, arguing that economic stability should translate into greater investment, productivity, employment and shared prosperity.
He also called for more inclusive decision-making in international financial institutions, particularly the International Monetary Fund (IMF) and the World Bank. Developing countries, he said, should have fairer representation and a greater role in decisions affecting their economies.
Pakistan’s third priority will be promoting a development-focused financial system through affordable and timely financing, sustainable debt solutions, stronger financial safety nets and greater investment in climate resilience.
“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,” Aurangzeb said.
Pakistan pledges cooperation with global partners
Drawing on Pakistan’s experience with economic stabilization and reforms, Aurangzeb said developing countries needed sufficient financial support and policy flexibility to achieve sustainable growth.
He pledged to work with G-24 members across Africa, Asia, Latin America and the Caribbean, alongside the IMF, World Bank and other international partners, to turn shared priorities into practical results.
The minister also acknowledged Nigeria’s leadership as the outgoing chair and said Pakistan would build on the group’s progress.
“The true measure of our collective leadership will not simply be the strength of our voice, but the difference that voice makes,” he said.
Prime Minister Shehbaz Sharif welcomed Pakistan’s appointment, saying the chairmanship would strengthen the country’s role in international economic affairs.
He also praised Pakistan’s participation in the annual meetings of the IMF and World Bank, saying the new responsibility would enhance the country’s representation in global financial discussions.
Aurangzeb said Pakistan would seek to move the G-24’s mission “from collective voice to collective influence, and from collective influence to meaningful progress.”
