Pakistan has taken over the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), and Finance Minister Muhammad Aurangzeb has set out three priorities for its term: putting development at the centre of global economic policy, giving developing countries a bigger say in global institutions, and reforming the international financial system.
According to a press release issued by the Finance Division on Sunday, Pakistan assumed the role from Nigeria, the outgoing chair. Aurangzeb called the chairmanship “a profound responsibility” and urged renewed international cooperation to deal with climate shocks, gaps in development financing, and growing global economic fragmentation.
“The future of developing economies is not peripheral to the future of the global economy. It is central to it,” the finance minister said.
Pakistan’s 3 Priorities as G-24 Chair
1. Development at the centre of economic policymaking: Aurangzeb said macroeconomic stability must become a foundation for investment, productivity, jobs, and shared prosperity. The aim is to help developing and low-income countries move beyond crisis management towards sustainable growth.
2. Fairer and more representative global institutions: Pakistan will push for more equitable governance, meaningful participation in decision-making, and greater responsiveness from the Bretton Woods institutions, the International Monetary Fund (IMF) and the World Bank, to the needs of their members.
3. A development-oriented financial system: This includes affordable and timely development financing, sustainable debt solutions, stronger global financial safety nets, climate resilience, and mobilising more 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,” Aurangzeb said.
What the G-24 Does
The G-24 is a group of developing countries that coordinates their positions on international monetary and development finance issues, particularly at the IMF and the World Bank. Its membership has expanded to 28 countries across Africa, Asia and the Middle East, and Latin America and the Caribbean, including Brazil, India, Egypt, Nigeria, South Africa, and Sri Lanka.
Aurangzeb said Pakistan’s term will follow the group’s long-standing principles of consultation, consensus, and collective advocacy. Pakistan will work with members across the three regions, along with the IMF, the World Bank, and other international partners, to turn shared priorities into practical results.
What This Means for You
The chairmanship does not bring any immediate money or policy change for Pakistanis. Its value lies in the agenda. The issues Pakistan has chosen to lead on, such as cheaper development loans, debt relief options, and climate funding, are the same ones that shape Pakistan’s own economy.
Pakistan is currently under a $7 billion IMF programme and recently reached a staff-level agreement with the Fund that will unlock about $1.2 billion once approved by its Executive Board. The State Bank of Pakistan has also estimated that the country needs $331 billion in climate financing by 2030.
Aurangzeb drew on this experience, saying Pakistan’s own stabilisation and reform efforts show that financial stability must be matched with long-term development goals. He said reforming economies need enough financing and policy space to grow sustainably.
If the G-24 succeeds in pushing global lenders towards cheaper financing and more flexible debt solutions, countries like Pakistan could face lower borrowing costs over time. That can leave more room in the budget for development spending instead of debt servicing. However, any such changes depend on decisions by the IMF, the World Bank, and their major shareholders, and will take time.
Judged by Results, Not Rhetoric
Aurangzeb acknowledged Nigeria’s leadership during its term and said Pakistan would build on the progress the group has made.
He said collective leadership should be judged by tangible development outcomes. “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 is committed to taking the G-24’s mission “from collective voice to collective influence, and from collective influence to meaningful progress.”
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