Pakistan Takes Over G-24 Chairmanship, Sets Three Priorities for Global Finance Reform

Pakistan has assumed the G-24 chairmanship, taking over the Intergovernmental Group of Twenty-Four from Nigeria on November 1, 2026. Finance Minister Muhammad Aurangzeb said Pakistan will use the role to push for a fairer, development-focused global financial system and a stronger voice for developing economies at the IMF and World Bank, according to the Ministry of Finance.

Aurangzeb described the chairmanship as a “profound responsibility” and called for renewed international cooperation, stronger multilateral institutions and firmer global commitments to deal with climate shocks, gaps in development financing and the growing fragmentation of the world economy. Pakistan moves into the chair after serving as First Vice-Chair, a role in which Aurangzeb addressed G-24 ministers in Bangkok on October 12.

Pakistan’s Three Priorities for the G-24 Chairmanship

The finance minister said Pakistan would work through consultation and consensus with members across Africa, Asia, Latin America and the Caribbean, alongside the IMF, the World Bank and other partners. He set the group’s goal as moving “from collective voice to collective influence.”

What Is the G-24?

The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development was set up in 1971 to coordinate the positions of developing countries on global monetary and development finance issues. Its ministers usually meet twice a year, just before the IMF and World Bank Spring and Annual Meetings, and issue a joint communique that sets out what poorer and middle-income countries want from the two institutions.

The group’s members come from three regions: Africa, Asia and Latin America and the Caribbean. The chair rotates among the regions, which is why the role passes from Nigeria (Africa) to Pakistan (Asia).

Reaction at Home

Prime Minister Shehbaz Sharif welcomed the G-24 chairmanship as an important diplomatic milestone that recognises Pakistan’s role in global economic affairs. He praised Aurangzeb and the finance ministry team for their work during the recent IMF and World Bank annual meetings and said the platform would help Pakistan argue for reform of the global financial system, fair climate finance and sustainable development for emerging economies. President Asif Ali Zardari also congratulated the finance minister and his team.

How the G-24 Chairmanship Affects Pakistan

• A bigger seat at the table: As chair, Pakistan will lead G-24 ministerial meetings and help draft the group’s joint positions before the IMF and World Bank meetings.
• Climate finance voice: After repeated floods, Pakistan can push harder for grants and cheaper climate funding instead of new expensive loans.
• Debt agenda: The call for sustainable debt solutions matters for countries like Pakistan that spend a large share of revenue on debt servicing.
• No direct control: The role does not give Pakistan control over IMF or World Bank decisions; its influence depends on building consensus among members.

Critics point out that Pakistan itself still depends on IMF support, so its credibility as chair will rest on keeping its own reform programme on track. Aurangzeb said Pakistan’s own experience of stabilisation and reform shows why countries undertaking reforms need enough financing and policy space to see them through.

What Happens Next

Pakistan will now steer the group’s agenda through the coming cycle of IMF and World Bank meetings, starting with the 2027 Spring Meetings. Watch for the G-24 communique under Pakistan’s chair, any push on IMF quota reform and climate finance, and whether the group’s demands find space in the decisions of the two institutions.

For official updates, visit the Ministry of Finance website.

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