Pakistan assumes G-24 chairmanship, pledges push for global financial reforms - The Express Tribune

Pakistan on Sunday assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), with Finance Minister Muhammad Aurangzeb saying the country would focus on development-led growth, stronger representation for developing economies and reforms to the international financial architecture.

In a statement posted on X, the Ministry of Finance said Pakistan had assumed the chairmanship and reaffirmed its commitment to strengthening the “collective voice of developing economies” and advancing a “fair, responsive and development-oriented international financial system”.

Aurangzeb described the role as a “profound responsibility”, calling for greater cooperation, stronger multilateral institutions and global commitments 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,” he said, adding that emerging and developing nations had the potential to drive investment, innovation, entrepreneurship and global growth.

Pakistan Assumes G-24 Chairmanship, Calls for a Stronger, More Inclusive and Development-Oriented Global Financial System Finance Minister Muhammad Aurangzeb outlines three priorities: development-led growth, stronger representation for developing economies and reform of… pic.twitter.com/A6UjaPta3O

The finance minister said Pakistan's first priority would be to place development at the centre of economic policymaking. He said macroeconomic stability "must serve as a foundation for investment, productivity, employment and shared prosperity," enabling developing and low-income economies to move beyond crisis management towards sustainable growth.

His second priority was to promote more inclusive and representative multilateral frameworks and that "Pakistan will advocate for more equitable and fair governance, meaningful participation in decision-making and greater responsiveness of the Bretton Woods institutions to the evolving needs and realities of their members."

The third priority was to advance a "development-oriented financial architecture," with Aurangzeb calling for affordable and timely development financing, sustainable debt solutions and stronger global financial safety nets. He also stressed the need to strengthen climate resilience and mobilise 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,” he said.

Aurangzeb said Pakistan's experience of economic stabilisation, reform and resilience had reinforced the importance of aligning stability with long-term development, while ensuring that economies undertaking reforms had the financing and policy space to sustain them.

He said Pakistan would approach its chairmanship through consultation, consensus and collective advocacy, working with member countries across Africa, Asia, Latin America and the Caribbean, as well as the International Monetary Fund, the World Bank and other international partners.

The finance minister also acknowledged Nigeria's role as the outgoing chair, saying the G-24's leadership should be judged by the impact it had on developing economies.

“The true measure of our collective leadership will not simply be the strength of our voice, but the difference that voice makes,” he said.

He said the group's task was to move “from collective voice to collective influence, and from collective influence to meaningful progress”.

Separately, Prime Minister Shehbaz Sharif welcomed Pakistan's appointment as chair of the G-24, calling it an important diplomatic milestone that recognised and elevated the country's role and voice in global economic affairs.

وزیراعظم شہباز شریف کی پاکستان کو بین الحکومتی گروپ آف ٹوئنٹی فور (G-24) کی چیئرمین شپ ملنے پر اظہار مسرت، اسے عالمی اقتصادی منظرنامے پر پاکستان کے مؤثر کردار کے اعتراف کا اہم سفارتی سنگِ میل قرار دیا. وزیراعظم محمد شہباز شریف نے پاکستان کو بین الحکومتی گروپ آف ٹوئنٹی فور…

In a statement issued by the Prime Minister's Office, PM Shehbaz praised Aurangzeb and the Ministry of Finance team for their “tireless efforts”, effective diplomacy and professional capabilities.

He commended their role during the World Bank and IMF annual meetings and their efforts to secure a prominent position for Pakistan in the economic leadership of developing nations.

The prime minister said the G-24 chairmanship would provide Pakistan with a platform to advocate reforms to the global financial system, fair climate financing and sustainable development opportunities for emerging economies.

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