Developing countries, under Nigeria’s leadership of the Group of Twenty-Four (G-24), have called for at least $300 billion in annual climate financing by 2035, sweeping reforms of the International Monetary Fund (IMF) and improved mechanisms for debt relief.
The demands were contained in a communiqué issued after the group’s 116th ministerial meeting in Bangkok, Thailand, during the IMF–World Bank Annual Meetings, according to the News Agency of Nigeria.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, chaired the meeting, where ministers expressed concern over rising debt burdens, limited access to affordable financing and growing economic vulnerabilities across developing countries.
The group warned that geopolitical tensions, rising commodity prices, trade restrictions and increasingly frequent extreme weather events were threatening economic stability across emerging and developing economies.
According to the communiqué, these pressures were increasing borrowing costs, weakening currencies and worsening debt distress, leaving highly indebted countries with fewer resources to finance development.
The ministers urged the IMF to accelerate reforms to its quota system to reflect changing global economic realities and strengthen the voting power of developing countries.
They stressed that the reforms should protect the representation of emerging economies and the world’s poorest nations in international financial institutions.
The G-24 also called for greater flexibility in IMF-supported financial assistance programmes, arguing that such interventions should protect social spending, encourage investment and avoid excessive economic adjustments that could undermine recovery.
On debt sustainability, the ministers warned that rising repayment obligations were restricting developing countries’ ability to invest in infrastructure, healthcare, education and economic transformation.
“Debt vulnerability is a major barrier to inclusive growth in many developing economies,” the communiqué stated.
They advocated more predictable debt restructuring processes, greater transparency, improved credit-rating assessments and stronger coordination among creditors.
The group also welcomed initiatives to strengthen sovereign debt management, including a borrowers’ platform supported by the United Nations Conference on Trade and Development.
The ministers urged the World Bank to expand access to affordable financing through guarantees, risk-sharing arrangements and mechanisms capable of attracting private investment.
They further stressed the need to strengthen domestic capital markets and expand lending in local currencies to reduce exposure to foreign-exchange risks.
On climate finance, the G-24 called for the full implementation of the international commitment to mobilise at least $300 billion annually by 2035, with developed countries taking the lead in providing the funds.
The group also demanded increased resources for climate adaptation to help vulnerable developing countries cope with the effects of climate change.
In addition, the ministers called for stronger international cooperation to tackle tax avoidance, profit shifting and illicit financial flows, which they said were undermining revenue mobilisation in developing economies.
Nigeria’s Permanent Secretary in the Federal Ministry of Finance, Raymond Omachi, chaired the G-24 deputies’ meeting ahead of the ministerial session, while Central Bank Governor Olayemi Cardoso participated in the discussions.