By Tony Obiechina, Abuja
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, chaired the G-24 Board of Governors meeting on the sidelines of the IMF and World Bank Annual Meetings, leading calls for reform of the global financial architecture to deliver more affordable financing, fairer representation and faster sovereign debt resolution for developing economies.
IMF Managing Director Kristalina Georgieva and World Bank Senior Managing Director Axel van Trotsenburg, representing President Ajay Banga, joined other G-24 Governors in commending Oyedele’s leadership of discussions that addressed mounting financing pressures on emerging and developing economies amid geopolitical tension, volatile commodity prices, climate shocks and tighter global financial conditions.
Oyedele said rising interest rates, widening fiscal deficits in advanced economies and growing financing demand for artificial intelligence and energy infrastructure had made borrowing more expensive for developing countries. He called for progress on IMF quota and governance reform, stronger representation for developing countries at the World Bank, improved access to development finance, and more predictable, coordinated debt restructuring involving all creditors. He also urged expanded climate financing, stronger international tax cooperation against avoidance and illicit flows, and a greater voice for developing countries in global decision-making, including the G-20.
In his closing remarks, Oyedele drew three lessons from the discussions: that resilience must be built before a crisis, through proactive policy preparation; that artificial intelligence must be adopted and regulated responsibly to support inclusive job-rich growth; and that international cooperation remains essential to managing shared risks such as energy insecurity, food price volatility, supply-chain disruption, debt vulnerability and climate change.
Georgieva described the global economy as resilient, with growth projected at about 3.1 percent through 2026, but cautioned that the figure masked a widening gap between economies benefiting from digital transformation, AI investment and critical-mineral supply chains, and those constrained by high energy costs, conflict or limited access to technology. She warned that persistent energy and food price pressures were keeping interest rates and debt-servicing costs elevated, and urged governments to rebuild fiscal buffers, preserve central bank independence, invest in digital infrastructure and skills, and push for faster debt treatment under the G-20 Common Framework alongside further IMF quota reform.
Van Trotsenburg reported that the World Bank had mobilised about US$27.4 billion in crisis-related financing, with ten countries activating dedicated crisis-response instruments and nineteen others redirecting existing resources to urgent needs. He flagged El Niño-related risks to food security and grain prices, and said the Bank remained focused on electricity access, healthcare, digital connectivity and job creation — in tourism, healthcare, food systems and manufacturing — alongside mobilising private capital and climate finance.
Member interventions reinforced the reform agenda: Brazil, China and Pakistan backed stronger Global South representation and Bretton Woods reform; the Philippines called for deeper regional financial integration; Kenya urged building policy buffers and expanding local-currency financing; Egypt cited supply-chain disruption and capital outflows; and Lebanon and Syria raised the financing challenges facing conflict-affected economies. Incoming G-24 Chair Pakistan pledged to keep development at the centre of the agenda.
According to a statement by Efe Ovuakporie
Head of Media of Finance Ministry on Wednesday, the meeting concluded that domestic reform alone will not shield developing economies from external shocks — affordable finance, effective debt resolution, fairer representation in international institutions, and sustained cooperation are equally necessary.
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