Pakistan Takes Over G-24 Chairmanship
Pakistan assumes chairmanship of G-24, vows to boost collective voice of developing economies
Pakistan has taken over the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), a grouping of developing countries aimed at promoting their interests in global economic forums, the state broadcaster Radio Pakistan reported on Sunday.
Finance Minister Muhammad Aurangzeb has reaffirmed Pakistan's commitment to strengthening the collective voice of developing economies and promoting a more responsive and fair international financial system.
He outlined three strategic priorities for Pakistan's chairmanship: development-led growth, stronger representation for developing economies, and reform of the international financial architecture.
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Muhammad Aurangzeb emphasized the need for renewed international cooperation, stronger multilateral institutions, and reinforced global commitments to address climate shocks, development financing gaps, and global economic fragmentation.
He stressed that Pakistan's chairmanship would be guided by the G-24's principles of consultation, consensus, and collective advocacy, working closely with members from Africa, Asia, Latin America, and the Caribbean, as well as international partners like the IMF and World Bank.
The Finance Minister said the effectiveness of collective leadership must be judged by tangible development outcomes.
Background
The G-24 was established in 1971 to promote the interests of developing countries in global economic forums.
It comprises 24 member countries from Africa, Asia, Latin America, and the Caribbean.
Significance
The chairmanship assumes significance as Pakistan seeks to play a key role in shaping the global economic agenda, particularly on issues affecting developing countries.
