Pakistan becomes chair of G-24 bloc of developing nations, reaffirms pledge to fairer global financial system

Pakistan took over the chair of the Group of 24 on Sunday, with Finance Minister Muhammad Aurangzeb setting out priorities focused on development, stronger multilateral cooperation and reform of global financial arrangements. Dawn reported that the bloc brings developing countries together to coordinate positions on monetary and financial matters, and was established in 1971.

Aurangzeb said Pakistan would press for development to feature more centrally in economic policymaking, fairer participation in international institutions and accessible financing for developing economies. The agenda also includes sustainable debt solutions, climate resilience and greater public and private investment, while drawing on Pakistan’s experience with stabilisation and reform. He said the chairmanship would be guided by consultation and consensus, with work involving members across several regions as well as the IMF and World Bank.