Pakistan chairs 29-nation G24 bloc, vows to push IMF and World Bank reform
Pakistan took the chair of the Group of 24 on Sunday, inheriting the leadership of a 29-country bloc that lobbies the IMF and World Bank, and promising to turn that voice into changes in how developing economies borrow, restructure debt and finance climate adaptation. Finance Minister Muhammad Aurangzeb called the role a "profound responsibility" and said Pakistan would press for fairer representation of emerging nations inside the Bretton Woods institutions.
"The future of developing economies is not peripheral to the future of the global economy. It is central to it," Aurangzeb said in a statement issued by the Ministry of Finance. He set out three priorities for the chairmanship: putting development at the centre of global policymaking through investment, jobs and productivity; reforming international financial institutions so developing economies have a greater say in decisions; and widening access to affordable development financing while finding sustainable answers to debt distress and climate vulnerability.
"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," he said. The G24, formed in 1971 and now 29 members strong despite its name, coordinates developing-country positions on monetary and development finance issues but does not control IMF or World Bank votes; its influence runs through collective negotiation and advocacy.
Pakistan succeeds Nigeria as chair. Prime Minister Shehbaz Sharif called the appointment a "significant diplomatic milestone" that would let Islamabad advocate reforms, equitable climate financing and sustainable development, and praised Aurangzeb's team for its work at the recent IMF and World Bank annual meetings. President Asif Ali Zardari also congratulated the finance minister, saying the role gave Pakistan a chance to represent developing countries on development financing, climate challenges and international financial cooperation.
Aurangzeb said he would build on Nigeria's tenure and judge the group's success by outcomes rather than communiqués. "The true measure of our collective leadership will not simply be the strength of our voice, but the difference that voice makes," he said. For Pakistan, whose own stabilisation programme has run through the IMF, the chairmanship offers a platform to argue from experience as it seeks cheaper financing and debt relief for itself and its peers.
