Pakistan Assumes Chairmanship Of G24, Vows To Strengthen Developing Nations’ ‘Collective Voice’

ISLAMABAD, Nov 1 (Bernama-Anadolu) -- Pakistan on Sunday assumed the chairmanship of the Group of 24 (G24), replacing outgoing chair Nigeria, according to an official statement, Anadolu Ajansi (AA) reported.

Upon assuming the chairmanship, Pakistan’s Finance Minister Muhammad Aurangzeb expressed Islamabad’s resolve to strengthen the collective voice of developing economies and advance “a more responsive, fair and development-oriented international financial system,” a statement from the Finance Ministry said.

Established in 1971, the intergovernmental group is a coalition of developing countries that coordinate their positions on international monetary and financial issues, according to its website.

Describing the development as a “profound responsibility,” Aurangzeb called 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 added.

Aurangzeb outlined three strategic priorities for Pakistan under the G24 chairmanship: placing development at the centre of global economic policymaking, strengthening multilateral frameworks and advancing a development-oriented international financial architecture.

Prime Minister Shehbaz Sharif welcomed the development, calling it a “significant diplomatic milestone.”

He expressed hope that the chairmanship would provide Pakistan “an opportunity to play an influential role in advocating for necessary reforms within the global financial system, securing equitable financial support to address climate change and promoting sustainable development opportunities for emerging economies,” a statement issued by his office said.

-- BERNAMA-ANADOLU