Bangkok/Islamabad, November 1,2026: Pakistan assumed the chairmanship of the Group of 24 (G-24) on Sunday, with Finance Minister Muhammad Aurangzeb pledging to strengthen the collective voice of developing economies and promote a fairer, more responsive international financial system.
Aurangzeb described the chairmanship as a “profound responsibility”, emphasising Pakistan’s commitment to advancing development-oriented financial reforms and addressing the challenges facing emerging and developing economies.
According to a statement issued by the Ministry of Finance, the minister called for renewed international cooperation, stronger multilateral institutions and greater global efforts to address 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,” the finance minister was quoted as saying.
Established in 1971, the G-24 is an intergovernmental coalition of developing countries that coordinates their positions on international monetary and financial issues.
Aurangzeb outlined three strategic priorities for Pakistan’s chairmanship: placing development at the centre of global economic policymaking, strengthening multilateral frameworks and advancing a development-oriented international financial architecture.
On the first priority, he stressed that macroeconomic stability must underpin investment, productivity, employment and shared prosperity, enabling developing and low-income economies to move beyond crisis management towards sustainable growth.
Regarding multilateral cooperation, he said Pakistan would advocate more equitable governance, meaningful participation in decision-making and greater responsiveness of the Bretton Woods institutions to the evolving needs of their members.
The third priority, he said, would 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.
The finance minister also emphasised the importance of aligning financial stability with long-term development objectives, drawing on Pakistan’s experience with economic stabilisation, reforms and resilience.
He said this approach would help ensure that reforming economies have the financing and policy space needed to pursue sustainable growth.
Aurangzeb added that Pakistan’s tenure would be guided by the G-24’s longstanding principles of consultation, consensus and collective advocacy.
The country would work closely with 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.
Acknowledging the leadership of outgoing chair Nigeria, the finance minister pledged to build on the group’s achievements.
He stressed that the effectiveness of collective leadership must be judged by tangible development outcomes, adding that the true measure of the group’s voice would be the difference it makes.
Aurangzeb reaffirmed Pakistan’s commitment to advancing the G-24’s mission from collective voice to collective influence and meaningful progress.
Leadership welcomes Pakistan’s chairmanship
President Asif Ali Zardari congratulated Aurangzeb and his team on Pakistan’s assumption of the G-24 chairmanship, describing it as an important opportunity to strengthen the representation of developing countries in global economic affairs.
In a statement on X, the president said the development would enable Pakistan to contribute to development financing, address climate challenges and promote international financial cooperation.
Prime Minister Shehbaz Sharif also welcomed the development, describing it as a “significant diplomatic milestone”.
In a statement issued by his office, the prime minister expressed hope that Pakistan’s chairmanship would provide an opportunity to advocate necessary reforms in the global financial system, secure equitable financial support to address climate change and promote sustainable development opportunities for emerging economies.
He also commended the finance minister and his team for their tireless efforts, effective diplomacy and professional competence.
The premier further praised their impactful participation in the recently held annual meetings of the World Bank and the IMF, saying it had helped Pakistan secure a prominent position in the economic leadership of developing nations.
