Key takeaways: Pakistan has taken over the G-24 chair from Nigeria. Finance Minister Muhammad Aurangzeb set three priorities: development-led policymaking, stronger multilateral institutions and a fairer global financial system. Islamabad says success should be judged by tangible outcomes for developing economies.
Pakistan has assumed the chairmanship of the Group of 24, the coalition of developing economies that coordinates their positions on international monetary and financial issues. Finance Minister Muhammad Aurangzeb took up the role on Sunday, 1 November, succeeding Nigeria as chair.
The move gives Islamabad a prominent platform at a difficult moment for the global economy. Developing countries are pressing for more say in decisions at the International Monetary Fund and the World Bank, for help with debt and development financing, and for support in dealing with climate shocks. Pakistan says it will press those arguments collectively.
Aurangzeb described the chairmanship as a “profound responsibility”, according to a handout from the Ministry of Finance reported by Dawn. He called for renewed international cooperation, stronger multilateral institutions and firmer commitments to address climate shocks, development financing gaps and fragmentation in the global economy.
What the G-24 is
The G-24 was established in 1971. It brings together developing countries from Africa, Asia, Latin America and the Caribbean to agree common positions on monetary and financial questions, particularly those involving the IMF and the World Bank. Its members work by consultation and consensus, and the chair helps turn shared priorities into negotiating proposals.
The chairmanship does not itself change lending rules or debt terms, but it gives the holder a central role in shaping the developing world’s negotiating agenda. Aurangzeb has pointed to Pakistan’s recent experience with stabilisation and reform as a basis for arguing that economies undertaking difficult changes need both financing and policy space to pursue sustainable growth.
Pakistan’s three priorities
Aurangzeb set out three strategic priorities. The first is to place development at the centre of global economic policymaking, so financial stability is pursued alongside long-term development goals. The second is to strengthen multilateral frameworks, making international institutions more representative and responsive to developing economies. The third is to advance a development-oriented international financial architecture, including fairer access to financing and support for sustainable growth.
That covers voice in global financial decisions, development and climate financing, and support for countries facing debt pressures or external shocks. Pakistan says it will work with members and with the IMF, the World Bank and other partners to turn shared priorities into practical outcomes. Aurangzeb also acknowledged Nigeria’s leadership as outgoing chair.
Why it matters
The chairmanship matters for two reasons. First, it signals Pakistan’s standing among developing economies at a time when it is seeking investment, trade and financial support. Second, it gives Islamabad a chance to influence debates that affect its own economy, from the terms of international lending to the availability of climate finance.
President Asif Ali Zardari and Prime Minister Shehbaz Sharif welcomed the appointment, with Sharif calling it a significant milestone for advocacy on global financial reform, climate finance and sustainable development.
What happens next
The test will come in the months ahead, in G-24 meetings and in engagements with the IMF and the World Bank. Watch for joint positions from the group on development financing, debt and climate support, and for concrete proposals emerging from Pakistan’s three priorities.
For readers in Pakistan, the relevance is direct: global financial rules affect the cost of borrowing and the financing available for climate resilience and growth. A chairmanship cannot resolve those pressures on its own, but it puts Pakistan at the centre of the conversation about how the system should change.
Sources
- Dawn, “Pakistan becomes chair of G-24 bloc,” 2 November 2026: https://www.dawn.com/news/2041544
- The Express Tribune, “Pakistan assumes G-24 chairmanship, pledges push for global financial reforms,” 1 November 2026: https://tribune.com.pk/story/2638064/pakistan-assumes-g-24-chairmanship-pledges-push-for-global-financial-reforms?amp=1
