Pakistan Assumes G-24 Chairmanship to Lead Developing Nations

Pakistan officially assumed the chairmanship of the Group of 24 (G-24) on Sunday, taking over the role from Nigeria. Finance Minister Muhammad Aurangzeb will now lead efforts to amplify the voice of developing economies and push for fairer financial policies at the IMF and World Bank.

The G-24 is an intergovernmental coalition of developing countries established in 1971 to coordinate positions on international monetary and financial issues. Pakistan previously served as the group's First Vice-Chair before assuming the leadership role.

“The future of developing economies is not peripheral to the future of the global economy. It is central to it.”

Aurangzeb described the chairmanship as a profound responsibility and called for renewed international cooperation and stronger multilateral institutions. He emphasized that the future of developing economies is central to the future of the global economy, not peripheral to it.

The finance minister outlined three strategic priorities for Pakistan's tenure: placing development at the center of global economic policymaking, strengthening multilateral frameworks, and advancing a development-oriented international financial architecture. He stressed that macroeconomic stability must underpin investment, productivity, employment, and shared prosperity.

Prime Minister Shehbaz Sharif congratulated Pakistan on what he called a major diplomatic milestone. He praised Aurangzeb and the Ministry of Finance team for their efforts, noting that it reflects Pakistan's growing engagement and standing in global economic affairs.

The new responsibility comes with the challenge of turning diplomatic influence into meaningful financial reforms. Developing countries are currently grappling with mounting debt, expensive borrowing, climate-related disasters, and persistent economic instability.

Aurangzeb highlighted the immense potential of emerging and developing nations as drivers of investment, innovation, entrepreneurship, and global growth. He also advocated for greater responsiveness of Bretton Woods institutions to the evolving needs of their members.