Pakistan takes chair of G-24, pushes for a fairer global financial system
Pakistan takes charge of G-24
Pakistan has become the new chair of the Group of 24 (G-24), a bloc of developing countries that works together on international financial and economic issues. Finance Minister Muhammad Aurangzeb said Pakistan would use this position to push for a fairer global financial system that better supports developing economies.
The G-24 was established in 1971 to help developing countries coordinate their positions on international monetary and financial matters. Aurangzeb described Pakistan’s new role as a “profound responsibility”, according to a statement issued by the Ministry of Finance.
He called for stronger international cooperation and more effective global institutions. He also stressed the need to address climate-related problems, shortages in development funding and growing divisions in the world economy.
“The future of developing economies is not peripheral to the future of the global economy. It is central to it,” the statement quoted the finance minister as saying.
Three priorities for Pakistan’s leadership
Aurangzeb outlined three main goals for Pakistan during its G-24 chairmanship. These include making development a central part of global economic policies, improving international cooperation and creating a financial system that better supports developing countries.
On the first priority, he said economic stability was necessary to attract investment, increase productivity, create jobs and improve living standards. He added that this approach could help developing and low-income countries move beyond repeated financial crises and achieve long-term growth.
Calls for fairer global financial institutions
The second priority focuses on giving developing countries a fairer role in international financial decision-making. Pakistan plans to push for more equal representation and stronger participation in institutions such as the International Monetary Fund (IMF) and the World Bank.
Aurangzeb said these institutions should respond better to the changing needs and economic conditions of their member countries. He believes developing nations should have a meaningful voice in decisions that affect their economies.
More funding and support for developing countries
The third priority is to secure affordable development financing and find lasting solutions to debt problems. Pakistan also wants stronger protection against global financial shocks, better preparation for climate change and more investment from public and private sources.
“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,” Aurangzeb was quoted as saying.
He said financial stability should support long-term development rather than remain a separate goal. Pakistan plans to use its experience of economic stabilisation, reforms and dealing with challenges to support this approach.
Aurangzeb added that Pakistan would follow the G-24’s principles of consultation, agreement and collective action. The country will work with members from Africa, Asia, Latin America and the Caribbean, as well as the IMF, World Bank and other international partners.
The finance minister also appreciated Nigeria’s leadership as the outgoing chair and said Pakistan would continue the work already carried out by the group.
Pakistan’s G-24 chairmanship gives it an opportunity to raise the financial concerns of developing countries at the international level. Its main challenge will be to turn these promises into practical results.
Developing countries need affordable loans, fairer financial rules and stronger protection from economic shocks. Pakistan’s success will depend on how effectively it builds support among G-24 members and major global financial institutions.
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