Pakistan Takes G-24 Chair, Aurangzeb Sets Three Priorities for Developing Economies

Pakistan has assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), a bloc of developing countries that coordinates positions on international monetary and development finance issues. Finance Minister Muhammad Aurangzeb, who took over the role from Nigeria, described the position as a profound responsibility and called for renewed international cooperation to address climate shocks, development financing gaps and growing global economic fragmentation.

In a statement issued by the Finance Division, Aurangzeb set out three priorities for Pakistan's term. The first is placing development at the centre of global economic policymaking, with macroeconomic stability treated as a foundation for investment, productivity, jobs and shared prosperity. The aim, he said, is to help developing and low-income countries move beyond crisis management toward sustainable growth.

The second priority is a fairer and more representative system of global institutions. Pakistan will push for more equitable governance and meaningful participation in decision-making, and will press the Bretton Woods institutions, namely the International Monetary Fund and the World Bank, to respond more effectively to the needs of their members. The third goal is a development-oriented financial system, covering affordable and timely development financing, sustainable debt solutions, stronger global financial safety nets, climate resilience and the mobilisation of public and private capital.

"The future of developing economies is not peripheral to the future of the global economy. It is central to it," Aurangzeb said, adding that the task is to ensure the potential of developing economies is not constrained by an international financial architecture that has yet to fully adapt to a changing world.

The G-24 coordinates the positions of developing countries on monetary and development finance matters, particularly at the IMF and World Bank. Its membership has grown to 28 countries across Africa, Asia, the Middle East, and Latin America and the Caribbean, including Brazil, India, Egypt, Nigeria, South Africa and Sri Lanka. Aurangzeb said Pakistan would follow the group's principles of consultation, consensus and collective advocacy while working with members and international partners to turn shared priorities into practical results.

The chairmanship does not bring immediate financial or policy changes for Pakistan, but it gives the country a platform to champion issues that shape its own economy, including cheaper development loans, debt relief options and climate funding. Pakistan is currently implementing a $7 billion IMF programme and recently reached a staff-level agreement expected to unlock about $1.2 billion once approved by the Fund's Executive Board. The State Bank of Pakistan has estimated that the country needs $331 billion in climate financing by 2030.