Islamabad: Pakistan has officially taken over the Chairmanship of the Intergovernmental Group of Twenty-Four (G-24), with a commitment to enhance the representation and influence of developing economies in the global financial system. The nation aims to drive a more inclusive and development-oriented international financial landscape.

According to Press Information Department: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, emphasized the significance of this role as an opportunity to advocate for a stronger voice for developing countries. He outlined three key priorities during Pakistan’s leadership: prioritizing development in global economic policy, reinforcing multilateral institutions, and reforming the international financial architecture to better serve emerging economies.

Senator Aurangzeb stated that the future of developing economies is integral to the global economy, stressing their potential as hubs for investment and innovation. The first priority under Pakistan’s agenda is to place development at the core of economic policymaking, aiming for sustainable growth beyond crisis management for low-income economies.

The second priority focuses on enhancing the inclusivity and representation within multilateral frameworks. Pakistan intends to push for fair governance and meaningful participation in decision-making processes, advocating for the Bretton Woods institutions to evolve in response to the needs of their member states.

The third priority involves creating a development-focused international financial architecture. This includes ensuring access to affordable development financing, sustainable debt solutions, and climate resilience, alongside mobilizing public and private capital.

Senator Aurangzeb drew from Pakistan’s experiences in economic stabilization and reform to highlight the importance of aligning financial stability with long-term development goals. He emphasized Pakistan’s commitment to collaboration within the G-24, working with countries across Africa, Asia, Latin America, and the Caribbean, as well as international partners like the IMF and World Bank.

Acknowledging Nigeria’s prior leadership, he expressed Pakistan’s dedication to building on the progress made by the group. Senator Aurangzeb concluded by stressing that the effectiveness of the G-24’s collective leadership will be measured by tangible development outcomes, reinforcing the mission to transform collective voice into meaningful progress.