Pakistan assumes G-24 chairmanship, seeks fairer finance
Pakistan has assumed the G-24 chairmanship, with Finance Minister Muhammad Aurangzeb pledging to use the role to press for a more inclusive, fair and development-focused global financial system. The Finance Division announced the move in a statement on Sunday, November 1, 2026.
Aurangzeb described the chairmanship as a profound responsibility. He said Pakistan would call for renewed international cooperation, stronger multilateral institutions and firmer global commitments to address climate shocks, gaps in development financing and fragmentation in the world economy.
Three priorities for the G-24 chairmanship
The Finance Division said Aurangzeb set out three priorities for Pakistan’s term. The first is to place development at the centre of global economic policymaking. The second is to strengthen the representation of developing economies in multilateral institutions. The third is to reform the international financial architecture.
“The future of developing economies is not peripheral to the future of the global economy. It is central to it,” Aurangzeb said. He pointed to their potential to drive investment, innovation, entrepreneurship and global growth.
He said macroeconomic stability should support investment, productivity, employment and shared prosperity, helping developing and low-income countries move beyond crisis management and towards sustainable growth.
Pakistan’s agenda will also cover affordable and timely development financing, sustainable debt solutions and stronger global financial safety nets. Climate resilience and greater mobilisation of public and private capital are also on the agenda.
Working with the IMF, World Bank and members
Aurangzeb said Pakistan would work with G-24 members across Africa, Asia, Latin America and the Caribbean. He also named the International Monetary Fund (IMF) and the World Bank, along with other international partners, as bodies Pakistan would work with to turn shared priorities into practical outcomes.
“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.
He thanked Nigeria, 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.
Shehbaz calls it a significant milestone
Prime Minister Shehbaz Sharif welcomed the chairmanship and described it as a significant diplomatic milestone. He said it recognised Pakistan’s effective role on the global economic stage.
The prime minister commended Aurangzeb and the finance ministry team for their diplomacy and professional work. He said the development would further strengthen Pakistan’s role and voice in global economic affairs.
What the G-24 is, and why the chair matters
The Intergovernmental Group of Twenty-Four, known as the G-24, was formed in 1971. It coordinates the positions of developing countries on monetary and development issues, and it seeks to ensure they are represented at the IMF and the World Bank.
Its members include 28 nations, among them Algeria, Argentina, Brazil, Egypt, India, Iran, Lebanon, Pakistan, South Africa, Sri Lanka and Syria. The chair speaks for that collective voice in talks with the world’s main financial institutions, which gives the role practical weight beyond ceremony.
For Pakistan, the chairmanship follows its recent turn in the group’s leadership discussions in Bangkok. Feature Pakistan covered Aurangzeb’s role as incoming chair at the IMF and World Bank meetings in Aurangzeb Presses Lenders to Cut Costs in Bangkok. Sunday’s announcement marks the formal start of the term he was then preparing for.
What happens next
Frequently asked questions
What is the G-24 chairmanship?
The G-24 chairmanship is the leadership role of the Intergovernmental Group of Twenty-Four, a grouping of developing countries that coordinates their positions on monetary and development issues at the IMF and the World Bank.
When did Pakistan assume the G-24 chairmanship?
Pakistan assumed the chairmanship on Sunday, November 1, 2026, according to a statement from the Finance Division.
What are Pakistan’s three priorities as G-24 chair?
The three priorities are placing development at the centre of global economic policymaking, strengthening the representation of developing economies in multilateral institutions, and reforming the international financial architecture.
Who held the G-24 chairmanship before Pakistan?
Nigeria held the chairmanship before Pakistan. Finance Minister Muhammad Aurangzeb thanked Nigeria for its leadership as outgoing chair.
What did Prime Minister Shehbaz Sharif say about the chairmanship?
Prime Minister Shehbaz Sharif described the chairmanship as a significant diplomatic milestone that recognises Pakistan’s effective role on the global economic stage, and he commended the finance minister and his team.
