PM backs push for fairer global finance

Shehbaz, Zardari welcome Pakistan's G-24 chairmanship

LAHORE:

The chairmanship of the Group of Twenty-Four (G-24) would provide Pakistan with an influential platform to advocate essential reforms in the global financial system, Prime Minister Shehbaz Sharif said on Sunday, congratulating the Finance Ministry team for this "important diplomatic milestone".

Pakistan assumed the chairmanship of the G-24 on Sunday, reaffirming its commitment to strengthening the collective voice of developing economies and advancing a more responsive, fair and development-oriented international financial system.

According to a spokesperson, Shehbaz said Pakistan's election as chair of the intergovernmental group would further strengthen the country's voice and role in global economic affairs. He commended Finance Minister Muhammad Aurangzeb and his team for their tireless efforts and effective diplomacy.

He also appreciated the minister and his team for their proactive role during the annual meetings of the World Bank and International Monetary Fund (IMF), noting that their efforts had helped secure a prominent position for Pakistan in providing economic leadership to developing nations, the spokesperson said.

"The G-24 chairmanship will provide Pakistan with an influential platform to advocate for essential reforms in the global financial system, ensure equitable financial assistance to combat climate change, and foster sustainable development opportunities for emerging economies," Shehbaz added.

The intergovernmental group, established in 1971, is a coalition of developing countries that coordinates their positions on international monetary and financial issues, according to its website. Pakistan succeeded Nigeria as its chair.

Speaking after assuming the chairmanship, Aurangzeb called for renewed international cooperation, stronger multilateral institutions and reinforced global commitments to address climate shocks, development financing gaps and global economic fragmentation.

"The future of developing economies is not peripheral to the future of the global economy. It is central to it," Aurangzeb said, highlighting the potential of emerging and developing nations as drivers of investment, innovation, entrepreneurship and global growth.

Outlining Pakistan's agenda, he identified three strategic priorities for the chairmanship: placing development at the centre of global economic policymaking, strengthening multilateral frameworks for the collective benefit of members, and advancing a development-oriented international financial architecture.

"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," Finance Minister Aurangzeb said.

He added that Pakistan would advocate more equitable governance, meaningful participation in decision-making and greater responsiveness of the Bretton Woods institutions to the evolving needs and realities of their members.

Drawing on Pakistan's own experience, the finance minister underscored the importance of aligning financial stability with long-term development objectives while ensuring that reforming economies had the necessary financing and policy space to pursue sustainable growth.

He reaffirmed that Pakistan's chairmanship would be guided by the G-24's longstanding principles of consultation, consensus and collective advocacy, with the country working closely with members across Africa, Asia, Latin America and the Caribbean, as well as the IMF, World Bank and other global partners.

Meanwhile, President Asif Ali Zardari welcomed Pakistan's assumption of the G-24 chairmanship, describing it as a significant opportunity to ensure effective representation of developing countries in global economic affairs.

He expressed confidence that Pakistan would effectively utilise the platform to promote the common interests of developing economies. The chairmanship would also enable the country to play a significant role in advancing development financing, addressing climate challenges and strengthening global financial cooperation, he said.

(WITH INPUT FROM APP)