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Pakistan takes G-24 chairmanship, pledges push for global financial reforms

Pakistan's G-24 chairmanship begins as Aurangzeb pledges reforms on development funding, debt solutions and a stronger voice for developing economies.

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Pakistan takes G-24 chairmanship, pledges push for global financial reforms
Pakistan Finance Minister Muhammad Aurangzeb speaks to AFP in Bangkok on October 17, 2026.
AFP

Pakistan assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24) on Sunday, with Finance Minister Muhammad Aurangzeb pledging to push for global financial reforms. The Finance Ministry said Pakistan will seek a stronger voice and better access to development financing for developing economies.

What will Pakistan's G-24 chairmanship focus on?

Pakistan plans to focus on development-led growth, more inclusive representation in international financial institutions and a financial architecture better equipped for developing countries. Aurangzeb said the chairmanship also calls for stronger cooperation to address climate shocks, financing gaps and growing fragmentation in the global economy.


Describing the role as a significant responsibility, Aurangzeb called on multilateral institutions to strengthen international cooperation. He highlighted the potential of emerging and developing nations to drive investment, innovation, entrepreneurship and global growth.

"The future of developing economies is not peripheral to the future of the global economy. It is central to it," he said.

What are Pakistan's three priorities as G-24 chair?

The first priority is to place development at the center of global economic policymaking. Aurangzeb said macroeconomic stability should underpin investment, productivity, employment and shared prosperity. This would allow developing and low-income countries to move beyond crisis management toward sustainable growth.

The second priority is strengthening multilateral frameworks through more inclusive and representative institutions. Pakistan will advocate fairer governance, meaningful participation in decision-making and greater responsiveness from the Bretton Woods institutions, including the International Monetary Fund and World Bank, to the changing needs of their members.

The third priority is a development-oriented international financial system. Aurangzeb listed affordable and timely financing, sustainable debt solutions, stronger global financial safety nets, climate resilience and greater mobilization of 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.

How will Pakistan lead the G-24?

Drawing on Pakistan's experience with economic stabilization, reforms and resilience, Aurangzeb said financial stability must be aligned with long-term development goals. He stressed that countries undertaking reforms should have sufficient financing and policy space to pursue sustainable growth.

Pakistan will follow the G-24's principles of consultation, consensus and collective advocacy. It will work with members from Africa, Asia, Latin America and the Caribbean, as well as the IMF, World Bank and other international partners.

Aurangzeb acknowledged Nigeria's leadership as the outgoing chair and pledged to build on the group's progress. "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 added that Pakistan would work to advance the G-24's mission "from collective voice to collective influence, and from collective influence to meaningful progress."

How have Pakistan's leaders reacted to the G-24 chairmanship?

President Asif Ali Zardari welcomed Pakistan's appointment and congratulated Aurangzeb and the Finance Ministry team. He said the chairmanship offered an important opportunity to strengthen the representation of developing countries in global economic affairs and promote their shared interests. Zardari said Pakistan could use the platform to contribute to discussions on development financing, climate challenges and international financial cooperation.



Prime Minister Shehbaz Sharif also welcomed the appointment, calling it an important diplomatic milestone that reflects Pakistan's role in global economic affairs. He praised Aurangzeb and the Finance Ministry team for their work and diplomatic efforts during the World Bank and IMF annual meetings. He said those efforts had helped secure a prominent role for Pakistan in discussions on economic leadership among developing countries.



Shehbaz said the chairmanship would give Pakistan a platform to advocate reforms in the global financial system, fair financial support to address climate change and sustainable development opportunities for emerging economies.

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