Pakistan has taken over the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), a bloc that speaks for developing countries on global finance. The Pakistan G-24 chairmanship was handed over during the IMF and World Bank annual meetings in Washington. President Asif Ali Zardari and Prime Minister Shehbaz Sharif both welcomed it.
What Is the G-24?
The G-24 is a group of developing countries from Africa, Asia and Latin America. It coordinates their positions on international monetary and development issues, and it often speaks up at IMF and World Bank meetings. The chair leads that coordination, which gives the country a stronger voice in global financial discussions.
What the President Said
President Zardari welcomed Pakistan’s chairmanship and congratulated Finance Minister Senator Muhammad Aurangzeb and his team. He called it an important opportunity for effective representation of developing countries in global economic affairs. He said Pakistan can use the G-24 platform to promote the shared interests of developing economies. He added that it gives Pakistan a chance to play a role on development financing, climate challenges and global financial cooperation.
What the Prime Minister Said
Prime Minister Shehbaz Sharif called the chairmanship a significant diplomatic milestone and a recognition of Pakistan’s effective role in the global economic landscape. He praised the finance minister and the Finance Ministry team for their hard work, diplomacy and professionalism. He also noted their role at the IMF and World Bank annual meetings, where he said Pakistan’s role and that of developing countries was highlighted
He said the chairmanship will give Pakistan an important platform to:
push for needed reforms in the global financial system,
support fair financial cooperation to deal with climate-related shocks, and
promote sustainable growth opportunities for emerging economies.
Why It Matters
For Pakistan, the chair is a diplomatic and economic opportunity. Officials say the role lets Pakistan raise issues such as climate financing and fairer global financial cooperation on behalf of other developing nations. How much the chairmanship achieves will depend on what Pakistan does in the role, and on the support it gets from other members and from the IMF and World Bank.
What to Watch Next
Watch for the agenda Pakistan sets as chair, statements from G-24 members and any new proposals on climate finance and development funding.
