ISLAMABAD: Pakistan formally assumed the chairmanship of the Group of Twenty-Four (G-24) on Sunday, November 1, taking over from Nigeria at a time when developing economies are seeking greater influence over international financial decisions.
Finance Minister Muhammad Aurangzeb will lead Pakistan’s engagement with the group, which brings together developing countries to coordinate their positions on monetary and development finance issues.
The change marks a new role for Pakistan after it served as the group’s first vice-chair. At a G-24 ministerial meeting in Bangkok in October, Aurangzeb had outlined the priorities Pakistan intended to pursue once it assumed the chair.
Those priorities include improving access to affordable development financing, giving developing countries a stronger say in international institutions and addressing the financial pressures created by climate shocks and rising debt.
From vice-chair to chair
The G-24 provides a platform for member countries to present common positions in discussions involving institutions such as the International Monetary Fund and World Bank.
As chair, Pakistan will be responsible for helping coordinate those discussions and building agreement among members from Africa, Asia, Latin America and the Caribbean.
Aurangzeb said Pakistan would work to strengthen cooperation within the group and turn shared concerns into practical outcomes.
The finance minister also acknowledged Nigeria’s leadership during its term as chair.
Pakistan’s appointment comes as many developing economies continue to face difficult choices between debt repayments, public spending and investment in long-term development.
For countries exposed to floods and other climate-related disasters, access to timely financing is another concern.
The chairmanship gives Pakistan a greater role in shaping the G-24’s collective position.
Any reforms to international financing arrangements would still require broader agreement among governments and the institutions concerned.
Pakistan Report illustration.