Nigeria is set to lead developing economies in advocating reforms to international financial institutions and development financing as finance ministers and central bank governors of the Group of Twenty-Four (G-24) meet in Bangkok, Thailand.
The meeting, scheduled for Tuesday, October 13, will be chaired by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele. Discussions will focus on strengthening the influence of developing countries in global financial decision-making amid growing economic fragmentation and mounting financing challenges.
Under the theme, “Navigating Global Economic Interdependence in a Fragmented World,” participants will examine global economic conditions, financial stability, access to international liquidity, development funding and debt sustainability.
The meeting will also address climate financing, international tax cooperation, global trade and the role of multilateral cooperation in tackling economic challenges affecting developing nations.
A major issue on the agenda is reforming the governance structures of the International Monetary Fund (IMF) and the World Bank. Members are expected to discuss changes to IMF quotas and the World Bank’s shareholding arrangements to improve the representation of developing economies in decisions affecting the global financial system.
The G-24 is an intergovernmental group established to coordinate the positions of developing countries on international monetary and development finance issues. Its members include Nigeria, South Africa, Ghana, Kenya and Egypt, alongside countries from Asia, Latin America and the Caribbean. China is participating as a special invitee.
Developing economies have continued to face challenges associated with high borrowing costs, rising debt obligations, limited access to affordable financing and uncertainty in international trade. These pressures have restricted the resources available for infrastructure, healthcare, education and climate-related investments.
Nigeria’s leadership of the meeting provides an opportunity to coordinate the positions of member countries and strengthen their collective calls for a more inclusive international financial system.
The meeting’s conclusions are expected to be outlined in a communiqué ahead of a scheduled press conference in Bangkok on Tuesday, October 13.
The discussions will also contribute to broader economic policy debates during the IMF and World Bank Group Annual Meetings, as developing countries seek improved access to financing and a greater role in shaping international economic policies.
