The International Monetary Fund (IMF) has been encouraged by G24 to expand the region’s (South Africa’s) representation on its executive board.
Speaking on behalf of the group, Côte d’Ivoire’s Minister of Economy and Finance, Adama Coulibaly, reaffirmed the G24’s support for the fundamental objectives of ending extreme poverty and promoting shared prosperity while assisting developing countries in achieving the Sustainable Development Goals (SDGs) at the ongoing spring meeting of the Bretton Woods Institution in Marrakesh, Morocco.
A consortium of poor nations, the G-24 was founded in 1971. Its objective is to collaborate in order to synchronize developing nations’ stances on global monetary and development finance matters.
In his own words: “The Bretton Woods Institution’s representativeness and voting issues have been ongoing for a number of months. At the G 24, we think that we ought to be better represented. Although there are established principles and we merely voice our concerns and wishes, we never intended this increase to come at the expense of votes from another region. Nevertheless, there should undoubtedly be some equitable redistribution. There are many of us, and we will also need to voice our concerns so that the institution takes them into consideration. Therefore, we are saying that there should be representation in line with the number of countries and the challenges facing the Bretton Woods Institution, even if that means that existing votes from other regions are lost.”
G24 pointed out that the World Bank Group needs to step up its support for projects like cheap electricity and water access, human capital development, digital advances, and debt sustainability, in addition to addressing issues like climate change, conflict, fragility, and pandemic preparedness and prevention.
“Now, I don’t want to linger on this, but there is such a thing as climate pressure, and our stance on climate is that, while it is true that we should all address the effects of climate change, we also shouldn’t overlook the reality that we have significant problems at home, particularly with financing and debt, so that must be taken into consideration. Stated differently, the struggle against poverty and development challenges should not be separated from the climate issues entirely,” the speaker added.
G24 demanded rapid international action to help developing nations manage their growing debt vulnerabilities due to the growing debt and its destabilizing effects on these nations.
“We took note of the G-20 Common Framework’s experience, but we also demanded debt cancellation for the poorest and most vulnerable nations, the majority of which is owed to the IMF and multilateral development banks.” We warn that this debt issue has the potential to impede equitable and sustainable growth,” he said.
Regarding climate action, the G24 called on all countries to improve climate funding, encompassing mitigation, adaptation, and loss and damage, as well as to meet their nationally defined obligations under the terms of the Paris Climate Agreement.
In the face of concerning trade protectionism, the group supports the UN General Assembly resolution on the inclusive and effective tax reform plan.
“We express concern over the growth of trade protectionism and the slow pace of changes to the international trading system. We support the World Trade Organization in creating a robust multilateral trade framework that benefits all stakeholders and strengthens trade’s position in the world economy,” the group declared.
