Pakistan has assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), taking over the role from Nigeria.
Finance Minister Muhammad Aurangzeb described the leadership position as “a profound responsibility” during the transition.
The finance minister stated, “The future of developing economies is not peripheral to the future of the global economy. It is central to it.” Aurangzeb argued that macroeconomic stability must serve as the basis for jobs, shared prosperity, productivity, and investment.
“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,” Aurangzeb said. The G-24 group now comprises 28 countries spanning Africa, Asia, the Middle East, Latin America, and the Caribbean.
Pakistan is currently participating in a $7 billion programme with the International Monetary Fund. The State Bank of Pakistan estimated that the nation requires $331 billion in climate financing by 2030.
