Pakistan becomes chair of G-24 bloc of developing nations, reaffirms pledge to fairer global financial system

Pakistan took on the leadership of the G-24, a coalition of developing nations, on Sunday. Finance Minister Muhammad Aurangzeb pledged to bolster the collective voice of developing countries and work towards a more adaptable, equitable and development-focused international financial system. The representative of the Ministry of Finance described the chairmanship as a "serious obligation," emphasizing the need for renewed international cooperation, stronger multilateral institutions, and reinforced global commitments to tackle climate shocks, funding gaps for development and economic fragmentation.

Aurangzeb highlighted Pakistan's belief that the future of developing economies is not peripheral to the global economy but central to it. He also identified three strategic objectives for Pakistan during its chairmanship: placing development at the heart of global economic decision-making, strengthening multilateral frameworks, and advancing a development-oriented international financial architecture.

The finance minister stressed the importance of macroeconomic stability and said it must support investment, productivity, employment, and prosperity. He also pledged to advocate for fair governance, meaningful participation in decision-making, and a more responsive Bretton Woods institutions to the evolving needs and realities of their members.

Pakistan's tenure as chair would be guided by G-24's principles of consultation, consensus and collective advocacy, working alongside the IMF, World Bank and other international partners to turn shared priorities into practical outcomes. Aurangzeb acknowledged Nigeria's previous leadership and pledged to build on the group's progress.