Pakistan assumed the chairmanship of the Group of 24 (G-24) on Sunday, with Finance Minister Muhammad Aurangzeb expressing the country’s resolve to strengthen the collective voice of developing economies and “advancing a more responsive, fair and development-oriented international financial system”.

The intergovernmental group is a coalition of developing countries established in 1971 to coordinate their positions on international monetary and financial issues, according to its website.

Aurangzeb described its chairmanship as a “profound responsibility”, a handout issued by the Ministry of Finance stated, adding that he also called for “renewed international cooperation, stronger multilateral institutions and reinforced global commitments to address climate shocks, development financing gaps and global economic fragmentation”.

“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.

He further highlighted the “immense potential of emerging and developing nations as drivers of investment, innovation, entrepreneurship and global growth”.

Aurangzeb outlined three strategic priorities for Pakistan under the G-24 chairmanship: placing development at the centre of global economic policymaking, strengthening multilateral frameworks, and advancing a development-oriented international financial architecture.

For the first priority, the finance minister stressed the importance of macroeconomic stability, saying it must underpin investment, productivity, employment, and shared prosperity.

He added that such an approach would enable “developing and low-income economies to move beyond crisis management towards sustainable growth”.

Secondly, he added that under its chairmanship, Pakistan would advocate for “more equitable and fair governance, meaningful participation in decision-making and greater responsiveness of the Bretton Woods institutions to the evolving needs and realities of their members”.

Thirdly, the finance minister said Pakistan would prioritise affordable and timely development financing, sustainable debt solutions, stronger global financial safety nets, climate resilience and greater mobilisation 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,” Aurangzeb was quoted as saying.

The finance minister emphasised aligning financial stability with long-term development objectives, drawing on Pakistan’s experience with economic stabilisation, reform and resilience, the statement said.

He added that this would ensure that reforming economies have the necessary financing and policy space to pursue sustainable growth.

Aurangzeb further stated that Pakistan’s tenure as the chair would be guided by “G-24’s longstanding principles of consultation, consensus and collective advocacy, working closely with members across Africa, Asia, Latin America and the Caribbean, alongside the International Monetary Fund (IMF), World Bank and other international partners, to translate shared priorities into practical outcomes.”

The finance czar acknowledged outgoing chair Nigeria’s leadership and pledged to build on the group’s progress.

He further emphasised that the “effectiveness of collective leadership must 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,” the ministry quoted him as saying.

According to the statement, Aurangzeb reaffirmed Pakistan’s commitment to advancing G-24’s mission “from collective voice to collective influence, and from collective influence to meaningful progress”.

‘Significant diplomatic milestone’

Prime Minister Shehbaz Sharif welcomed the development, calling it a “significant diplomatic milestone” and expressing hope that the chairmanship would provide Pakistan “an opportunity to play an influential role in advocating for necessary reforms within the global financial system, securing equitable financial support to address climate change and promoting sustainable development opportunities for emerging economies”, a statement issued by his office said.

He also lauded the finance minister and his team for their “tireless efforts, effective diplomacy, and professional competence”.

The premier further commended the team for ensuring “impactful” participation at the recently held annual meetings of the World Bank and the IMF, which he said helped Pakistan secure a “prominent position in the economic leadership of developing nations”.