Pakistan takes over G-24 chair from Nigeria as Aurangzeb sets three priorities for developing nations at the IMF and World Bank

Pakistan took over the chair of the G-24, the bloc of developing countries that coordinates positions at the IMF and World Bank, on Sunday, with Finance Minister Muhammad Aurangzeb pressing for a "more responsive, fair and development-oriented" global financial system. Pakistan takes the role from Nigeria.

"The future of developing economies is not peripheral to the future of the global economy. It is central to it," Aurangzeb said in a Finance Division statement, describing the post as a "profound responsibility".

The three priorities, and what they mean in practice

Priority	What Pakistan says it wants	The practical issue
Put development at the centre of policy	Stability that leads to investment, productivity and jobs, moving poorer countries beyond crisis management	Lending conditions that focus on budget cuts rather than growth
Stronger representation	A fairer say for developing economies in multilateral institutions	Voting shares at the IMF and World Bank that favour rich countries
Reform the financial architecture	Affordable, timely development finance, sustainable debt solutions, stronger safety nets, climate resilience	High borrowing costs and slow climate funding

Aurangzeb said he would work with members in Africa, Asia, Latin America and the Caribbean, as well as with the IMF, the World Bank and other partners, and he thanked Nigeria for its leadership as outgoing chair.

What the G-24 is, and what it can and can't do

The group was founded in 1971 to coordinate developing countries' positions on international monetary and development finance issues. Its members meet around the IMF and World Bank's spring and annual meetings and issue a joint communique that is read closely in Washington.

The G-24 cannot change quotas or lending rules on its own. Those decisions rest with the boards of the institutions, where the United States and European countries hold large voting shares. Its power is to give a shared voice to countries that individually carry little weight, and to set the terms of the debate.

Why the timing is awkward and useful for Islamabad

Pakistan is both a voice for borrowers and a borrower itself. The country is in an IMF programme, and the fuel prices its citizens pay are shaped by levies the fund watches closely. Petrol is Rs377.91 a litre until November 2, and the government has just revised its pricing mechanism in an effort to give consumers some relief.

That gives Aurangzeb direct experience of what he is complaining about. It also limits how hard he can push: a finance minister who needs the next IMF review to go smoothly is unlikely to pick a loud fight with the fund.

Climate is where Pakistan has the most natural authority. Its 2022 floods caused damage estimated at more than $30 billion, and the country has argued for years that climate shocks should be treated differently from ordinary debt problems. The agenda he set out on Sunday puts climate resilience alongside debt, and he called for "reinforced global commitments" on climate shocks and financing gaps.

What it means for ordinary Pakistanis

Not much overnight. The chair brings no new money and no change to Pakistan's own programme. The value is indirect: more access to the people who decide lending terms, and a platform to argue for cheaper, longer-term financing, which is ultimately what eases the pressure on budgets and on taxes.

The first real test will come at the G-24's next ministerial meeting, due ahead of the IMF and World Bank spring meetings in April 2027, when Pakistan will have to turn these priorities into a joint communique.