The Intergovernmental Group of Twenty-Four (G-24) will convene under the chairmanship of Finance Secretary Ralph Recto of the Philippines to address pressing international monetary and development finance issues.
The meeting, themed “Bretton Woods System at 80: Historical and Emerging Challenges and Options for Reform,” brings together ministers and central bank governors from various developing nations to coordinate their positions on crucial economic topics. The meeting is scheduled next week on Tuesday, 22 October at the annual meetings of members of the International Monetary Fund in Washington DC.
The upcoming discussions are vital for the future of developing economies as the IMF marks the 80th anniversary of the Bretton Woods Conference.
The meeting’s agenda will include a formal communiqué expected to outline the G-24’s stance on global economic conditions, macroeconomic stability, and the role of multilateral development banks in financing sustainable development goals. Key topics such as international liquidity, debt sustainability, climate finance, and international tax cooperation were also on the table.
“Developing countries must assert their voice in shaping the future of global economic governance,” said Ms. Iyabo Masha, Director of the G-24 Secretariat. “The status of quota and governance reforms at the IMF, alongside ongoing discussions on the World Bank Evolution Roadmap, are critical to ensuring our needs are addressed.”
Joining Recto in leadership roles are First Vice-Chair Ms. Candelaria Alvarez Moroni from Argentina and Second Vice-Chair Mr. Olawale Edun of Nigeria, reinforcing a united front among G-24 members from Africa, Latin America, and Asia.
As the world grapples with economic uncertainty, the G-24’s role in fostering dialogue and collaboration among developing nations is more important than ever. The outcomes of this meeting will likely have significant implications for international economic policies and the support structures needed to navigate current challenges.
A formal communiqué will be issued immediately before the press conference, detailing the collective positions and recommendations from the meeting. The discussions continue to underscore the importance of solidarity and cooperation in addressing the multifaceted challenges facing developing economies in today’s globalized world.
