Islamabad (GNP): Pakistan has taken over the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), pledging to strengthen the shared voice of developing economies and to promote a more responsive, equitable and development-oriented international financial system.
Finance and Revenue Minister Senator Muhammad Aurangzeb called the chairmanship a profound responsibility. He urged renewed international cooperation, stronger multilateral institutions and firmer global commitments on climate shocks, development financing gaps and economic fragmentation. The future of developing economies, he said, is central to the global economy, not peripheral to it, and emerging and developing nations are major drivers of investment, innovation, entrepreneurship and growth.
Aurangzeb set out three priorities for Pakistan’s term:
- Development at the centre of global economic policy. Macroeconomic stability should underpin investment, productivity, jobs and shared prosperity, helping developing and low-income economies move from crisis management to sustainable growth.
- Stronger, more inclusive multilateral institutions. Pakistan will press for fairer governance, meaningful participation in decision-making and greater responsiveness from the Bretton Woods institutions to their members’ changing needs.
- A development-oriented financial architecture. This includes affordable and timely development finance, sustainable debt solutions, stronger global financial safety nets, climate resilience and more mobilisation of public and private capital.
He said the aim is to ensure that developing economies’ potential is not held back by a financial architecture that has yet to adapt fully to a changing world.
Drawing on Pakistan’s own experience of stabilisation, reform and resilience, Aurangzeb stressed aligning financial stability with long-term development goals, while making sure reforming economies have the financing and policy space they need. He said the chairmanship will follow the G-24’s established principles of consultation, consensus and collective advocacy. Pakistan will work with members in Africa, Asia, Latin America and the Caribbean, and with the IMF, the World Bank and other partners, to turn shared priorities into practical results.
He thanked Nigeria for its leadership as outgoing Chair and said Pakistan will build on the Group’s progress.
Also read:
Collective leadership, Aurangzeb said, should be judged by tangible development outcomes, by the difference the group’s voice makes rather than by its strength alone. He reaffirmed Pakistan’s commitment to moving the G-24 “from collective voice to collective influence, and from collective influence to meaningful progress.”
Sohail Majeed is a Special Correspondent at The Diplomatic Insight. He has twelve plus years of experience in journalism & reporting. He covers International Affairs, Diplomacy, UN, Sports, Climate Change, Economy, Technology, and Health.
