Pakistan becomes chair of G-24 bloc of developing nations, reaffirms pledge to fairer global financial system
Pakistan assumed the chairmanship of the Group of 24 (G-24) on Sunday, with Finance Minister Muhammad Aurangzeb expressing the country’s resolve to strengthen the collective voice of developing economies and “advancing a more responsive, fair and development-oriented international financial system”. The intergovernmental group is a coalition of developing countries established in 1971 to…
On Sunday, Pakistan took on the role of chair for the Group of 24 (G-24), an intergovernmental coalition of developing nations. Finance Minister Muhammad Aurangzeb emphasized Pakistan's commitment to bolstering the collective voice of developing economies and advancing a more equitable, responsive global financial system. The G-24, founded in 1971, aims to coordinate the positions of developing countries on monetary and financial matters.
Aurangzeb described the chairmanship as a "profound responsibility," calling for renewed international cooperation, stronger multilateral institutions, and reinforced global commitments to address climate shocks, development financing gaps, and economic fragmentation. He highlighted the potential of emerging and developing nations as key drivers of investment, innovation, entrepreneurship, and global growth.
During his tenure, Pakistan aims to prioritize development in global economic policymaking, strengthen multilateral frameworks, and push for a development-oriented international financial architecture. To achieve this, the finance minister stressed the importance of macroeconomic stability, advocating for more equitable governance in decision-making, and securing affordable, timely development financing and sustainable debt solutions.
Pakistan also sought to align financial stability with long-term development objectives, drawing on its experience with economic stabilization, reform, and resilience. Aurangzeb pledged to build upon the work of outgoing chair Nigeria, emphasizing that the effectiveness of collective leadership must be measured by tangible development outcomes.
Prime Minister Shehbaz Sharif welcomed the G-24 chairmanship, calling it a "significant diplomatic milestone" and expressing hope for Pakistan's role in advocating for global financial reforms, securing equitable support for climate change efforts, and promoting sustainable development opportunities for emerging economies.
Written by urgent.news from Dawn Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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