Nigeria will lead developing countries in advocating for reforms to global development financing and international financial institutions at the Group of Twenty-Four (G-24) meeting in Bangkok, Thailand. The meeting, chaired by Nigeria's Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, will focus on navigating growing global economic fragmentation and strengthening developing economies' influence in international financial decision-making.
The G-24 meeting, themed "Navigating Global Economic Interdependence in a Fragmented World," will examine global economic conditions, macroeconomic and financial stability, international liquidity, development financing, and debt sustainability. The group will also outline its position on climate finance, international tax cooperation, the global trading system, and the role of multilateralism in addressing economic challenges facing developing countries.
A key focus of the meeting will be the G-24's position on quota and governance reforms at the International Monetary Fund (IMF) and the World Bank Shareholding Review. These issues could shape the representation and influence of developing economies within the institutions. The G-24, an intergovernmental forum, includes Nigeria, South Africa, Ghana, Kenya, Egypt, and other countries across Africa, Asia, Latin America, and the Caribbean.
China is participating in the meeting as a special invitee. The group's communiqué, scheduled for release before the press conference, will outline its position on the issues under discussion. The outcome will provide insight into the priorities developing countries intend to advance in international financial and development policy discussions during the IMF and World Bank Annual Meetings.
For Nigeria, chairing the G-24 offers a platform to contribute to discussions on the global financial architecture, development financing, and the governance of multilateral institutions. This is particularly significant as developing economies seek greater consideration of their interests in international economic decision-making. The G-24 press conference is scheduled for 11:30 a.m. local time on Tuesday, October 13, at the Queen Sirikit National Convention Center in Bangkok.
The G-24 meeting comes ahead of the IMF and World Bank Annual Meetings, where issues such as artificial intelligence, energy shocks, and record debt will be discussed. The meeting will provide a crucial opportunity for developing countries to articulate their concerns and priorities on the global economic agenda. Nigeria's leadership of the G-24 reflects its growing role in international economic policy discussions.
The chairmanship offers Nigeria a chance to shape the global development financing agenda and advocate for the interests of developing economies. The meeting's outcomes are expected to have significant implications for international financial policy and development cooperation.
Key points
- Nigeria to lead G-24 in pushing for reforms to global development financing and international financial institutions.
- G-24 meeting to focus on navigating global economic fragmentation and strengthening developing economies' influence.
- Meeting to discuss quota and governance reforms at the IMF and World Bank Shareholding Review.
