Pakistan assumes G-24 chairmanship, seeks global financial reforms

Pakistan has assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), with Finance Minister Muhammad Aurangzeb calling for a more inclusive, fair and development-oriented global financial system.

In a statement issued on Sunday, the Finance Division said Aurangzeb outlined three priorities for Pakistan’s chairmanship: placing development at the centre of global economic policymaking, strengthening the representation of developing economies in multilateral institutions, and reforming the international financial architecture.

“The future of developing economies is not peripheral to the future of the global economy. It is central to it,” Aurangzeb said, highlighting their potential to drive investment, innovation, entrepreneurship and global growth.

The finance minister said macroeconomic stability should support investment, productivity, employment and shared prosperity, enabling developing and low-income countries to move beyond crisis management towards sustainable growth.

He also called for more equitable governance and meaningful participation in international financial institutions, including the Bretton Woods institutions, to better reflect the evolving needs of member countries.

Pakistan’s agenda will also focus on affordable and timely development 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,” Aurangzeb said.

Drawing on Pakistan’s experience of economic stabilisation and reform, he stressed the need to align financial stability with long-term development objectives while ensuring that reforming economies have sufficient financing and policy space to pursue sustainable growth.

Aurangzeb said Pakistan would work with G-24 members across Africa, Asia, Latin America and the Caribbean, as well as the International Monetary Fund (IMF), World Bank and other international partners, to translate shared priorities into practical outcomes.

He also acknowledged Nigeria’s leadership as the outgoing chair and pledged to build on the group’s progress.

“The true measure of our collective leadership will not simply be the strength of our voice, but the difference that voice makes,” the finance minister said.

‘Significant milestone’

Prime Minister Shehbaz Sharif expressed delight over Pakistan being granted the chairmanship of the G-24, describing it as a significant diplomatic milestone that recognizes Pakistan’s effective role on the global economic landscape.

He commended the tireless efforts, effective diplomacy, and professional expertise of Finance Minister Senator Muhammad Aurangzeb and the entire team at the Ministry of Finance, extending his appreciation to them.

He said the development will further strengthen Pakistan’s effective role and voice in global economic affairs.