ISLAMABAD: Pakistan has assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), pledging to strengthen the collective voice of developing economies and promote a fairer, development-oriented international financial system, the Finance Ministry said on Sunday.
Finance Minister Muhammad Aurangzeb described the chairmanship as a profound responsibility, calling for renewed international cooperation, stronger multilateral institutions and greater global commitment to addressing 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,” Aurangzeb said, highlighting the potential of emerging and developing nations to drive investment, innovation, entrepreneurship and global growth.
The finance minister outlined three key priorities for Pakistan’s chairmanship: development-led growth, stronger representation for developing economies and reform of the international financial architecture.
He said Pakistan would work to place development at the centre of global economic policymaking, stressing that macroeconomic stability should provide the foundation for investment, productivity, employment and shared prosperity.
Aurangzeb said developing and low-income economies must be supported in moving beyond crisis management towards sustainable and inclusive growth.
On representation, he said Pakistan would advocate more inclusive and representative multilateral institutions, equitable governance and meaningful participation in decision-making.
He added that the Bretton Woods institutions, including the International Monetary Fund (IMF) and World Bank, needed to become more responsive to the changing needs and circumstances of their member countries.
The third priority would be advancing a development-oriented international financial architecture through affordable and timely financing, sustainable debt solutions, stronger global financial safety nets, climate resilience and greater mobilisation of public and private capital.
“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.
Drawing on Pakistan’s experience of economic stabilisation, reforms and resilience, Aurangzeb stressed the need to align financial stability with long-term development goals.
He said reforming economies should have access to adequate financing and policy space to pursue sustainable growth.
The minister reaffirmed that Pakistan’s chairmanship would be guided by the G-24’s principles of consultation, consensus and collective advocacy.
He said Islamabad would work closely with member countries across Africa, Asia, Latin America and the Caribbean, as well as the IMF, World Bank and other international partners, to translate shared priorities into practical outcomes.
Aurangzeb also acknowledged Nigeria’s leadership as the outgoing chair and expressed Pakistan’s commitment to building on the group’s achievements.
He said the effectiveness of collective leadership should be measured by tangible development outcomes rather than statements alone.
“The true measure of our collective leadership will not simply be the strength of our voice, but the difference that voice makes,” he said.
The minister reiterated Pakistan’s commitment to advancing the G-24’s mission from collective voice to collective influence and meaningful progress.
