Pakistan has taken over the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), pledging to strengthen the representation of developing countries and promote a fairer international financial system focused on development.
The Ministry of Finance said on Sunday that Finance Minister Muhammad Aurangzeb described the role as a significant responsibility, emphasising the need for stronger international cooperation, more effective multilateral institutions and coordinated efforts to address climate-related challenges, financing shortfalls and growing divisions in the global economy.
“The future of developing economies is not peripheral to the future of the global economy. It is central to it,” Aurangzeb said, highlighting the role of emerging and developing nations in driving investment, innovation, entrepreneurship and economic growth.
Outlining Pakistan’s agenda, the finance minister identified three key priorities: promoting development-driven growth, enhancing the representation of developing countries in global decision-making and reforming the international financial architecture.
He said Pakistan would seek to make development a central consideration in international economic policymaking, stressing that macroeconomic stability should pave the way for greater investment, higher productivity, job creation and inclusive prosperity.
Aurangzeb added that developing and low-income countries must be supported in moving beyond recurring economic crises towards sustainable and long-term growth.
On institutional reforms, he said Pakistan would push for more inclusive multilateral frameworks, fairer governance structures and greater participation of developing economies in decisions affecting them. He also called for the Bretton Woods institutions to respond more effectively to the changing needs of their member countries.
Pakistan’s third priority will be to advance a financial system that better supports development through accessible and timely financing, sustainable debt-management solutions, stronger global financial safety nets, climate resilience and increased mobilisation of public and private investment.
Aurangzeb said the international financial system must evolve to ensure that developing economies can realise their economic potential rather than face constraints imposed by outdated structures.
Referring to Pakistan’s experience with economic stabilisation, structural reforms and resilience, he stressed the importance of linking financial stability with long-term development goals. He added that countries undertaking reforms should have adequate financing and policy flexibility to sustain economic progress.
The finance minister reaffirmed that Pakistan would conduct its G-24 chairmanship through consultation, consensus and collective advocacy. Islamabad will work with member countries across Africa, Asia, Latin America and the Caribbean, as well as the International Monetary Fund (IMF), World Bank and other international partners, to turn shared objectives into concrete results.
Aurangzeb also recognised Nigeria’s contribution during its tenure as the outgoing chair and pledged to build on the group’s achievements.
He said the success of collective leadership should ultimately be assessed by its impact on people’s lives and development outcomes, rather than statements alone.
Pakistan, he added, is committed to strengthening the G-24’s influence and translating its collective position io meaningful progress for developing economies.
