- FinMin describes G-24 chairmanship as “profound responsibility”.
- Developing nations’ economies drivers of innovation: Aurangzeb.
- FinMin reiterates commitment to advancing the G-24’s mission.
Pakistan has assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), reiterating its pledge to strengthening the collective voice of developing economies and advancing a fair and 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 reinforced global commitments to address climate shocks, development financing gaps and global economic fragmentation, according to the finance ministry.
“The future of developing economies is not peripheral to the future of the global economy. It is central to it,” Aurangzeb said, highlighting the immense potential of emerging and developing nations as drivers of investment, innovation, entrepreneurship and global growth.
The finance czar outlined three priorities: development-led growth, stronger representation for developing economies and reform of international financial architecture.
Aurangzeb said that Pakistan, as the G-24 chair, will prioritise placing development at the centre of global economic policymaking.
He stressed that macroeconomic stability must serve as a foundation for investment, productivity, employment and shared prosperity, enabling developing and low-income economies to move beyond crisis management towards sustainable growth.
Secondly, Aurangzeb said that Pakistan would advocate for strengthening multilateral frameworks for the collective benefit of members through more inclusive and representative institutions.
Pakistan will advocate for more equitable and fair governance, meaningful participation in decision-making and greater responsiveness of the Bretton Woods institutions to the evolving needs and realities of their members, he added.
The country’s third priority as the G-24 chairman will be advancing a development-oriented international financial architecture.
Priorities will include affordable and timely development financing, sustainable debt solutions, stronger global financial safety nets, climate resilience and greater mobilisation of public and private capital, he said.
“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.
‘Necessary financing’
Drawing on Pakistan’s own experience of economic stabilisation, reform and resilience, the finance minister underscored the importance of aligning financial stability with long-term development objectives, while ensuring that reforming economies have the necessary financing and policy space to pursue sustainable growth.
He reaffirmed that Pakistan’s chairmanship would be guided by the G-24’s longstanding principles of consultation, consensus and collective advocacy, working closely with members across Africa, Asia, Latin America and the Caribbean, alongside the IMF, World Bank and other international partners, to translate shared priorities into practical outcomes.
Senator Aurangzeb also acknowledged Nigeria’s leadership as outgoing chair and expressed Pakistan’s commitment to building on the Group’s progress.
The finance minister stressed that 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 G-24’s mission “from collective voice to collective influence, and from collective influence to meaningful progress.”
