Pakistan has assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), pledging to strengthen the collective voice of developing economies and advance a fair, development-oriented international financial system, the finance ministry said on Sunday.
Finance Minister Muhammad Aurangzeb described the role as a profound responsibility. He called for renewed international cooperation, stronger multilateral institutions and firmer global commitments to tackle climate shocks, gaps in development financing and economic fragmentation, according to the ministry.
Aurangzeb argued that developing nations are central to the global outlook rather than secondary to it. “The future of developing economies is not peripheral to the future of the global economy. It is central to it,” he said, pointing to their potential as drivers of investment, innovation, entrepreneurship and global growth.
Three priorities for Pakistan’s G-24 term
The finance minister outlined three priorities for Pakistan‘s time as chair, each set out by the ministry.
- Development-led growth, with development placed at the centre of global economic policymaking. Macroeconomic stability, he said, must underpin investment, productivity, employment and shared prosperity, helping low-income economies move beyond crisis management.
- Stronger representation for developing economies, through more inclusive institutions, fairer governance and meaningful participation in decision-making, along with greater responsiveness from the Bretton Woods institutions.
- Reform of the international financial architecture, including affordable and timely development financing, sustainable debt solutions, stronger global financial safety nets, climate resilience and greater mobilisation of public and private capital.
Drawing on Pakistan’s own experience of economic stabilisation, reform and resilience, Aurangzeb stressed aligning financial stability with long-term development goals. He said reforming economies needed sufficient financing and policy space to pursue sustainable growth.
“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 emphasised.
Working with members and international partners
Aurangzeb said the chairmanship would follow the G-24’s longstanding principles of consultation, consensus and collective advocacy. Pakistan will work closely with members across Africa, Asia, Latin America and the Caribbean, as well as the IMF, World Bank and other international partners, to turn shared priorities into practical outcomes.
He also acknowledged Nigeria’s leadership as outgoing chair and said Pakistan was committed to building on the group’s progress.
Focus on tangible development outcomes
The finance minister said the effectiveness of collective leadership must be judged by tangible development outcomes. “The true measure of our collective leadership will not simply be the strength of our voice, but the difference that voice makes,” he stated.
He reaffirmed Pakistan’s commitment to advancing the group’s mission “from collective voice to collective influence, and from collective influence to meaningful progress.”
