Developing nations, under Nigeria’s chairmanship of the Group of Twenty-Four (G-24), have called for far-reaching reforms of the International Monetary Fund (IMF), better debt relief mechanisms and more climate finance.
The demands are contained in the communiqué issued after the group’s 116th ministerial meeting in Bangkok, Thailand, a copy of which was obtained by the News Agency of Nigeria (NAN).
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, chaired the meeting, which was held on the sidelines of the IMF–World Bank Annual Meetings.
The ministers called for changes that would give developing countries greater representation in global financial institutions and wider access to affordable development financing.
They warned that geopolitical tensions, rising commodity prices, trade restrictions and more frequent extreme weather events were threatening economic stability. According to the communiqué, these pressures were pushing up borrowing costs, weakening currencies and deepening debt distress in emerging and developing economies.
The ministers also voiced concern over heavily indebted countries grappling with limited fiscal space, external financing pressures and falling development assistance.
IMF reforms
The group urged the IMF to speed up reform of its quota system so that it reflects current economic realities and strengthens the voting power of developing countries. It stressed that the reforms must safeguard the representation of emerging economies and the world’s poorest nations.
The ministers further asked the Fund to show more flexibility in designing assistance programmes for countries in economic difficulty. They argued that IMF-backed programmes should protect social spending, support investment and avoid excessive adjustment that could derail recovery.
Debt
On sovereign debt, the group cautioned that rising repayment obligations were limiting developing countries’ ability to fund infrastructure, healthcare, education and economic transformation.
“Debt vulnerability is a major barrier to inclusive growth in many developing economies,” the communiqué stated.
The ministers called for more predictable debt restructuring, greater transparency, better credit-rating assessments and stronger coordination among creditors. They welcomed efforts to improve sovereign debt management, including a new borrowers’ platform backed by the United Nations Conference on Trade and Development (UNCTAD).
World Bank and domestic markets
The G-24 also urged the World Bank to widen affordable financing through innovative tools such as guarantees, risk-sharing arrangements and mechanisms to mobilise private investment. It stressed the need to deepen domestic capital markets and expand local-currency lending to reduce exposure to foreign-exchange risk.
Climate finance
On climate change, the ministers demanded full delivery of the commitment to mobilise at least $300 billion annually in climate finance by 2035. They insisted that developed countries lead in providing the funds, while significantly scaling up support for adaptation.
The group additionally called for stronger global cooperation against tax avoidance, profit shifting and illicit financial flows, which erode revenues in developing countries.
Earlier, the G-24 deputies’ meeting was chaired by Nigeria’s Permanent Secretary in the Federal Ministry of Finance, Raymond Omachi. Central Bank of Nigeria (CBN) Governor Olayemi Cardoso also took part in the ministerial discussions.
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