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Adequate funding remains vital for developing nations, G-24 officials say at IMF
Stressing on the importance of adequate financing, officials said that the World Bank should fully leverage its balance sheet to boost its lending capacity.
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Shinjini Ghosh - Wed, 15, Apr 2026
- 04:25 EDT
- 19
(L-R) Pavis Devahasadin, Communications Officer, IMF, Akhtar Javed, Olawale Edun, Bernardo Acosta, Iyabo Masha / Shinjini Ghosh
Amid the ongoing geopolitical crises and trade actions like tariffs, adequate funding remains vital for developing nations, said Olawale Edun, Minister of Finance and Coordinating Minister of the Economy of Nigeria.
During a press briefing on April 14 at the International Monetary Fund (IMF), Edun, who is also the chair of the Intergovernmental Group of Twenty-Four (G24) on International Monetary Affairs and Development, said that it was also crucial to enhance the existing safety nets.
“Numerous political crises and conflicts have significantly affected populations and further strained the fragile global economy, with particularly adverse consequences for developing nations,” Edun said.
The media interaction which was being held on the sidelines of the Spring Meetings 2026 also saw Akhtar Javed, Executive Director of The State Bank of Pakistan, Bernardo Acosta, Alternate Executive Director for Ecuador at the IMF, and Iyabo Masha, Director, G-24 Secretariat.
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Edun also emphasized the need for “diplomatic conflict resolution” with regard to the current conflict in the Middle East and called for “international cooperation for the cessation of violence.”
Stressing on the importance of adequate financing, Edun said that the World Bank should “fully leverage its balance sheet to boost its lending capacity.”
“We emphasize the need for swift progress on other issues related to the international financial architecture. Regarding debt, we note advancements on the common framework, but urge reforms for broader participation and engagement with the credit rating agencies,” Edun said.
The G-24 also called for a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable, and transparent multilateral trading system, in a bid to “restore confidence and strengthen the outlook for global growth,” as a response to the trade actions like tariffs and sanctions that have been imposed.
Edun also stated that it is imperative for “rich nations” to step up given the current scenario where there is a “negative flow of financing” to developing countries.
“Continued support for developing countries in managing worsening debt vulnerabilities and avoiding a debt crisis that retards development progress is crucial,” the G-24 said.
With respect to the roles played by central banks, Javed, who is also the first vice-chair of the G-24 bureau said that the regional conflict has increased the pressure and that the central banks are closely monitoring.
“They have to strike a balance,” Javed said.
Further Masha added that it’s crucial for central banks to take into consideration the “source of price hikes.”
“What was seen is that it was mainly supply side constraints on oil production and supply side constraints don’t respond well to monetary policy like interest rate hikes. Unless central banks see that some of this inflationary pressures are going into wages, showing up in real growth, they should, at least on balance, wait and see how things evolve,” Masha said.
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