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

Pakistan currently holds the chairmanship of the G-24, an intergovernmental coalition of developing countries. Finance Minister Muhammad Aurangzeb expressed the nation's commitment to strengthening a more equitable, responsive, and development-driven international financial system. In his role, Aurangzeb emphasized the importance of macroeconomic stability for investment, productivity, employment, and shared prosperity, and called for greater participation and responsiveness from the Bretton Woods institutions.

His priorities for Pakistan's chairmanship include placing development at the heart of global economic policy-making, advocating for fair governance and decision-making within the Bretton Woods institutions, and prioritizing affordable and timely development financing, sustainable debt solutions, climate resilience, and mobilizing capital.

The finance minister highlighted Pakistan's experience in economic stabilization, reform, and resilience, stating that it would ensure reforming economies have the necessary financing and policy space to pursue sustainable growth. Aurangzeb acknowledged Nigeria's outgoing chairmanship and pledged to build upon the group's progress, emphasizing that the true measure of collective leadership is the impact of their voice.

Prime Minister Shehbaz Sharif welcomed the chairmanship as a significant diplomatic milestone, expressing hope that Pakistan would use this position to advocate for global financial reforms, secure equitable financial support for climate change mitigation, and promote sustainable development opportunities for emerging economies.