By Bassey Udo
The Intergovernmental Group of Twenty-Four (G24) on International Monetary Affairs and Development on Tuesday restated the commitment of its member countries to prioritize efforts to strengthen economic resilience in the face of persistent global shocks.
At the meeting of the Group held in Washington on the sidelines of the ongoing International Monetary Fund (IMF) and World Bank Spring Meetings, members said their meeting was held at a critical moment where emerging markets and developing economies continue to face multiple and overlapping shocks, including geopolitical tensions, tighter financial conditions, and climate-related vulnerabilities.
The meeting was presided over by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who represented the country, which is the Chair of the G24.
Edun said Nigeria has continued to work closely with G24 member-countries to strengthen collective advocacy on issues central to the development agenda of emerging and developing economies.
He identified the priority discussions of the meeting focused on the need to strengthen global economic resilience in the face of persistent shocks; enhance the international financial architecture, including IMF quota and governance reforms as well as expand access to adequate and predictable development financing.
Also, the meeting underlined the need to address rising debt vulnerabilities and improve debt resolution frameworks, while supporting job creation, inclusive growth, and long-term structural transformation as well as reinforcing multilateral cooperation between the IMF, World Bank Group, and other international partners.
During the meeting, members reviewed recent global economic developments and exchanged views on coordinated policy responses that could better support vulnerable economies.
Prior to the meeting, the G24 Deputies had already engaged in substantive preparatory discussions, and their inputs were reflected in the issue notes and draft communiqué before members.
Nigeria, as Chair of the G24, reaffirmed its commitment to fostering consensus, amplifying the voice of developing countries, and advancing a fair, inclusive, and effective global financial system that supports sustainable development for all.
