Pakistan assumes chairmanship of the Group of 24 developing economies

Pakistan has assumed the chairmanship of the Inter-governmental Group of Twenty-Four, known as the G-24. The 24NewsHD television channel reported the development on Sunday.

Finance Minister Muhammad Aurangzeb issued a statement on the occasion. He reaffirmed Pakistan's commitment to strengthening the voice of developing economies and described taking the chair as a significant responsibility.

Aurangzeb called for renewed international cooperation, stronger multilateral institutions and reinforced global commitments. He said these were needed to address climate shocks, development financing gaps and global economic fragmentation.

He identified three strategic priorities for Pakistan's chairmanship: development-led growth, stronger representation for developing economies, and reform of the international financial architecture. He also said the chairmanship would be guided by the G-24's principles of consultation, consensus and collective advocacy.

According to the statement, Pakistan will work with G-24 members across Africa, Asia, Latin America and the Caribbean. It will also work with the IMF, the World Bank and other international partners. Aurangzeb said the effectiveness of collective leadership must be judged by tangible development outcomes.

Prime Minister Shehbaz Sharif congratulated Senator Muhammad Aurangzeb on assuming the chairmanship. He said Pakistan had achieved a major milestone, and that the development would strengthen Pakistan's effective role and voice in global economic affairs, according to Nawa-i-Waqt.

The Prime Minister also praised Aurangzeb's role in the annual meetings of the IMF and World Bank, and highlighted Pakistan's economic achievement. He expressed hope that the G-24 will play a vital role in meeting the challenges of climate change and the needs of emerging economies.