Pakistan takes charge of G24 developing nations bloc, vows to push for fairer global financial system
Islamabad seeks greater influence over IMF, World Bank reforms, debt relief
Dubai: Pakistan assumed the chairmanship of the Group of 24 (G24), a coalition of developing economies, on Sunday, pledging to push for a fairer global financial system and a stronger voice for emerging nations in decisions affecting international lending, debt and development, Dawn reported.
Finance Minister Muhammad Aurangzeb described the leadership role as a “profound responsibility”, saying Pakistan would work to strengthen international cooperation, reform global financial institutions and address the growing financing challenges facing developing countries.
“The future of developing economies is not peripheral to the future of the global economy. It is central to it,” Aurangzeb said in a statement issued by Pakistan’s Ministry of Finance.
Pakistan succeeds Nigeria as chair of the G24, which coordinates the positions of developing economies on international monetary and financial issues, particularly those involving the International Monetary Fund (IMF) and World Bank.
Pakistan outlines three priorities
Aurangzeb said Pakistan’s chairmanship would focus on three strategic objectives.
The first is placing economic development at the centre of global policymaking, with greater emphasis on investment, job creation, productivity and sustainable growth.
The second involves reforming international financial institutions to ensure developing economies receive fairer representation and greater participation in decision-making.
The third priority is improving access to affordable development financing, finding sustainable solutions to debt problems and strengthening support for countries vulnerable to climate shocks.
“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,” Aurangzeb said.
He stressed that developing countries must be able to move beyond repeated economic crises towards long-term growth and prosperity.
What is the G24? Five things to know
What is it? The Group of 24 (G24) is an intergovernmental forum of developing economies that coordinates positions on international monetary and development finance issues.
When was it formed? Established in 1971 to give developing countries a stronger collective voice in global financial decision-making.
Who are its members? Countries from Africa, Asia, Latin America and the Caribbean. Despite its name, the group now has 29 member countries.
What does it do? Advocates fairer international lending, debt relief, development financing and reforms to the IMF and World Bank.
How powerful is it? The G24 does not control IMF or World Bank decisions but seeks to influence global financial policies through collective negotiations and advocacy.
Why Pakistan matters now: As the new chair, Pakistan will coordinate the group’s priorities and represent developing economies in discussions on global financial reforms.
IMF, World Bank reforms in focus
Pakistan’s leadership comes as developing economies continue to press for greater influence over international financial institutions and more accessible development funding.
Aurangzeb said the G24 would advocate more equitable governance and greater responsiveness from the Bretton Woods institutions — the IMF and World Bank — to the changing needs of their members.
He also highlighted the importance of aligning economic stability with long-term development objectives, drawing on Pakistan’s own experience of economic stabilisation and reform.
Pakistan would work closely with G24 members and international partners to translate shared priorities into practical results, he added.
Also Read: IMF releases $1.2 billion to Pakistan
Shehbaz hails diplomatic milestone
Prime Minister Shehbaz Sharif welcomed Pakistan’s assumption of the chairmanship, describing it as a “significant diplomatic milestone”.
He said the position would allow Pakistan to play a more influential role in advocating reforms to the global financial system, securing equitable climate financing and promoting sustainable development opportunities.
Sharif also praised Aurangzeb and his team for their diplomatic efforts and participation in the recent annual meetings of the IMF and World Bank.
President Asif Ali Zardari congratulated the finance minister, saying the chairmanship offered Pakistan an important opportunity to represent developing countries in global economic affairs.
He said Islamabad could contribute to discussions on development financing, climate challenges and international financial cooperation.
Aurangzeb, meanwhile, pledged to build on Nigeria’s leadership, stressing that the success of the G24 should be measured by tangible development outcomes rather than declarations 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.
