Nigeria and other members of Intergovernmental Group of Twenty-Four (G24) on International Monetary Affairs and Development on Thursday discussed means of addressing rising debt vulnerabilities as well as how to improve debt resolution frameworks, among others.
Members of the Group met on the sidelines of the ongoing IMF/World Bank Spring meetings in Washington DC, United States of America, 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, chairing the G24.
According to a statement issued by the Ministry of Finance, said under the leadership of Edun, Nigeria continues to work closely with member countries to strengthen collective advocacy on issues central to the development agenda of emerging and developing economies.
The statement said discussions at the Washington DC meeting of the G24 centred around key priorities, including: strengthening global economic resilience in the face of persistent shocks, enhancing the international financial architecture, including IMF quota, and expanding access to adequate and predictable development financing.
Others are addressing rising debt vulnerabilities and improving debt resolution frameworks, 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.
The statement said, “Members reviewed recent global economic developments and exchange views on coordinated policy responses that can better support vulnerable economies.
“The G24 Deputies have already engaged in substantive preparatory discussions, and their inputs are reflected in the issue notes and draft communiqué before members.
“Nigeria, as Chair of the G24, reaffirms 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.
Ndubuisi Francis
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