Oyedele Chairs G-24, Leads Call for Fairer Global Financial System, Affordable Financing
…..IMF, World Bank Chiefs Commend Nigeria’s Leadership as Governors Meet in Bangkok
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, chaired the G-24 Board of Governors meeting on the sidelines of the IMF and World Bank Annual Meetings in Bangkok, leading calls for urgent reform of the global financial architecture.
The meeting, which was attended by IMF Managing Director Kristalina Georgieva and World Bank Senior Managing Director Axel van Trotsenburg, focused on mounting financing pressures facing emerging and developing economies amid geopolitical tensions, volatile commodity prices, climate shocks and tighter global financial conditions.
At the event, Oyedele said rising interest rates, widening fiscal deficits in advanced economies and growing demand for financing artificial intelligence and energy infrastructure have made borrowing more expensive for developing countries.
He called for progress on IMF quota and governance reforms, stronger representation for developing countries at the World Bank, improved access to development finance, and more predictable and coordinated sovereign debt restructuring involving all creditors.
The Minister also urged expanded climate financing, stronger international tax cooperation to curb avoidance and illicit financial 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: resilience must be built before a crisis through proactive policy preparation; artificial intelligence must be adopted and regulated responsibly to support inclusive, job-rich growth; and international cooperation remains essential to manage shared risks such as energy insecurity, food price volatility, supply-chain disruption, debt vulnerability and climate change.
In her remarks, Georgieva described the global economy as resilient, with growth projected at about 3.1 percent through 2026. She however cautioned that the figure masks 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 are 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, representing World Bank President Ajay Banga, said the Bank had mobilised about $27.4 billion in crisis-related financing, with 10 countries activating dedicated crisis-response instruments and 19 others redirecting existing resources to urgent needs.
He flagged El Niño-related risks to food security and grain prices, and said the Bank remains 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; while Lebanon and Syria raised financing challenges facing conflict-affected economies.
Incoming G-24 Chair, Pakistan, pledged to keep development at the centre of the agenda.
In a statement, Finance Ministry’s Head of Media, Efe Ovuakporie, said the meeting concluded that domestic reform alone will not shield developing economies from external shocks, noting that affordable finance, effective debt resolution, fairer representation in international institutions, and sustained cooperation are equally necessary.
