Pakistan on Sunday assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), reaffirming its commitment to strengthening the collective voice of developing economies and advancing a more responsive, fair and development-oriented international financial system, according to a finance ministry press release reported by Islamabad Post (DNA).
Source: Islamabad Post / DNA
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb described the chairmanship as a profound responsibility, calling 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,” he said.
Three priorities for the chairmanship
First, Aurangzeb said, development must sit at the centre of global economic policymaking, with macroeconomic stability serving investment, productivity, employment and shared prosperity so developing and low-income economies can move beyond crisis management towards sustainable growth. Second, Pakistan will push for more inclusive and representative multilateral institutions, advocating fairer governance and meaningful participation in decision-making at the Bretton Woods institutions — the IMF and the World Bank.
Third, Pakistan wants a development-oriented international financial architecture: 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 said.
Aurangzeb acknowledged Nigeria's leadership as outgoing chair and said Pakistan's year would be guided by consultation, consensus and collective advocacy, working with members across Africa, Asia, Latin America and the Caribbean alongside the IMF, World Bank and other partners. Pakistan TV, citing the Press Information Department, reported Prime Minister Shehbaz Sharif called the handover a significant diplomatic milestone for Pakistan among developing nations.
Source: Pakistan TV / PID
The G-24 coordinates how developing countries argue their case at the IMF and World Bank — on debt, climate finance and voting power. Who chairs it helps set that agenda for the year, at a time when many poorer economies face high borrowing costs and climate shocks.
What is solid
- Pakistan assumed the G-24 chairmanship on Sunday, 1 November 2026, taking over from Nigeria (finance ministry release; Pakistan TV)
- Aurangzeb set out three priorities: development-first policy, fairer multilateral governance, and affordable finance, debt solutions and climate resilience
- The G-24 was established in 1971 to coordinate developing nations' positions at the IMF and World Bank
What is only claimed
- Whether the three priorities will translate into concrete changes in IMF/World Bank quotas or voting shares — the statement announced no figures or dates
- How much a chair can deliver in one year — the role sets the agenda, but outcomes depend on all member states and the institutions themselves
(Sources: Islamabad Post / DNA, reporting the finance ministry press release, 1 November 2026; Pakistan TV, citing the Press Information Department, 1 November 2026.)