Pakistan assumes G-24 chairmanship

November 02, 2026 (MLN): Pakistan has assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), pledging to strengthen the collective voice of developing economies and push for a more responsive, fair and development-oriented international financial system.

Finance Minister Senator Muhammad Aurangzeb called the chairmanship a profound responsibility and urged renewed international cooperation, stronger multilateral institutions and firmer global commitments to tackle climate shocks, development financing gaps and global economic fragmentation, according to a press release issued.

He said the future of developing economies is central to the global economy rather than peripheral to it, pointing to the potential of emerging and developing nations as drivers of investment, innovation, entrepreneurship and growth.

Senator Aurangzeb laid out three priorities for Pakistan’s chairmanship.

The first is placing development at the center of global economic policymaking.

He said macroeconomic stability must underpin investment, productivity, employment and shared prosperity, helping developing and low-income economies move beyond crisis management toward sustainable growth.

The second is strengthening multilateral frameworks through more inclusive and representative institutions.

Pakistan will push for fairer governance, meaningful participation in decision-making and greater responsiveness of the Bretton Woods institutions to the changing needs of their members.

The third is advancing a development-oriented international financial architecture.

This includes affordable and timely development financing, sustainable debt solutions, stronger global financial safety nets, climate resilience and greater mobilization of public and private capital.

He said the task is to ensure that the potential of developing economies is not held back by an international financial architecture that has yet to fully adapt to a changing world.

Drawing on Pakistan’s own experience of stabilization, reform and resilience, the minister stressed the need to align financial stability with long-term development goals, while ensuring reforming economies have the financing and policy space to pursue sustainable growth.

He said the chairmanship will be guided by the G-24’s longstanding principles of consultation, consensus and collective advocacy.

Pakistan will work closely with members across Africa, Asia, Latin America and the Caribbean, along with the IMF, World Bank and other partners, to turn shared priorities into practical outcomes.

Senator Aurangzeb acknowledged Nigeria’s leadership as outgoing chair and said Pakistan is committed to building on the group’s progress.

He said collective leadership should be judged by tangible development outcomes, adding that the real measure will be the difference the group’s voice makes rather than its strength alone.

He reaffirmed Pakistan’s commitment to taking the G-24’s mission from collective voice to collective influence, and from collective influence to meaningful progress.

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