ISLAMABAD: Pakistan has assumed the chairmanship of the Group of 24 (G24), an intergovernmental body representing the interests of developing countries in international financial institutions, with Finance Minister Muhammad Aurangzeb taking over as the group’s new chairman.
Speaking on the occasion, Finance Minister Muhammad Aurangzeb said Pakistan would work to strengthen the representation of developing countries in the global financial system and advocate a fairer international financial order.
He emphasized the need to place development at the centre of global economic policies, adding that the benefits of economic stability should translate into greater investment, employment opportunities and public prosperity.
The finance minister called for increased representation of developing countries in international financial institutions and a greater role for all nations in global decision-making. He also stressed the need for affordable and timely financial assistance, sustainable solutions to debt challenges and stronger measures to address climate change.
Aurangzeb said Pakistan would work closely with the International Monetary Fund (IMF) and the World Bank during its G24 chairmanship. Promoting public and private investment in developing economies, supporting economic reforms and ensuring adequate financial resources for sustainable development would remain among the group’s key priorities.
He maintained that the ultimate measure of the G24’s success would be an improvement in the lives of people across developing countries. Pakistan, he added, would play an active role in translating the collective voice of developing nations into practical action.
Meanwhile, Prime Minister Shehbaz Sharif expressed satisfaction over Pakistan securing the chairmanship of the G24, describing the development as an important step towards strengthening the country’s voice and role in international economic affairs.
The prime minister also appreciated Pakistan’s effective participation in the annual meetings of the World Bank and the IMF, saying the achievement would further enhance the country’s representation and standing at the global level.