…as developing countries demand cheaper loans, debt relief and greater representation
By Gloria Ikibah 
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, has led a renewed push for reforms of the global financial system, calling for cheaper development financing, fairer representation for developing countries and faster resolution of sovereign debt crises.
Oyedele made the call on Wednesday while chairing the G-24 Board of Governors meeting on the sidelines of the International Monetary Fund (IMF) and World Bank Annual Meetings in Bangkok, Thailand.
The meeting brought together finance officials and other representatives of member countries to discuss mounting economic pressures facing emerging and developing economies amid geopolitical tensions, volatile commodity prices, climate shocks and tighter global financial conditions.
IMF Managing Director Kristalina Georgieva and World Bank Senior Managing Director Axel van Trotsenburg, who represented the bank’s president, Ajay Banga, joined other governors in commending Oyedele’s leadership of the discussions.
Oyedele said developing countries were facing increasingly expensive borrowing costs at a time when they needed more resources to finance infrastructure, economic growth and social development.
He attributed the pressure partly to rising interest rates, widening fiscal deficits in advanced economies and increasing demand for financing to support artificial intelligence (AI) and energy infrastructure.
The minister called for progress on IMF quota and governance reforms, stronger representation for developing countries at the World Bank, improved access to development finance and more predictable debt restructuring involving all creditors.
He also urged greater access to climate finance, stronger international tax cooperation to tackle tax avoidance and illicit financial flows, and a bigger role for developing countries in global decision-making, including within the G-20.
In his closing remarks, Oyedele highlighted three lessons from the discussions, stressing the need for countries to prepare for economic shocks before crises emerge.
He said resilience must be built through proactive policy preparation, while artificial intelligence should be adopted and regulated responsibly to promote inclusive growth and create more jobs.
The minister also underscored the importance of international cooperation in addressing shared challenges, including energy insecurity, food price volatility, supply-chain disruptions, debt vulnerability and climate change.
IMF warns of widening economic divide
Georgieva described the global economy as resilient, with growth projected at about 3.1 per cent through 2026, but warned that the headline figure concealed growing disparities between countries.
According to her, some economies were benefiting from digital transformation, investment in artificial intelligence and opportunities in critical-mineral supply chains, while others remained constrained by high energy costs, conflict and limited access to technology.
She warned that persistent pressure on energy and food prices was keeping interest rates and debt-servicing costs elevated, further squeezing governments already struggling to meet development needs.
Georgieva urged governments to rebuild fiscal buffers, protect central bank independence and invest in digital infrastructure and skills.
She also called for faster debt treatment under the G-20 Common Framework and further reforms of the IMF’s quota system to improve the representation of developing economies.
The IMF chief’s remarks reinforced the concerns raised by Oyedele and other G-24 governors over the growing cost of financing development and the limited room many countries have to respond to economic shocks.
World Bank mobilises $27.4bn for crisis response
Van Trotsenburg told the meeting that the World Bank had mobilised about $27.4 billion in crisis-related financing to help countries respond to urgent challenges.
He said 10 countries had activated dedicated crisis-response instruments, while another 19 had redirected existing resources to meet immediate needs.
He also warned of risks to food security and grain prices associated with El Niño-related weather conditions.
The World Bank, he said, remained focused on expanding access to electricity, healthcare and digital connectivity while supporting job creation in sectors such as tourism, healthcare, food systems and manufacturing.
He further highlighted the importance of mobilising private capital and climate finance to support development and help vulnerable economies manage mounting pressures.
Developing countries demand greater say
Representatives of several G-24 member countries reinforced the call for reforms to international financial institutions, arguing that developing economies needed a stronger voice in decisions affecting their economic future.
Brazil, China and Pakistan backed greater representation for the Global South and reforms of the Bretton Woods institutions, which include the IMF and the World Bank.
The Philippines called for deeper regional financial integration, while Kenya urged countries to build policy buffers and expand local-currency financing to reduce exposure to external shocks.
Egypt highlighted the effects of supply-chain disruptions and capital outflows, while Lebanon and Syria drew attention to the financing difficulties confronting conflict-affected economies.
Pakistan, which is due to assume the G-24 chairmanship, pledged to keep development at the centre of the group’s agenda.
The interventions reflected a shared concern that developing countries could not rely on domestic reforms alone to withstand global economic disruptions.
The meeting concluded that affordable financing, effective debt resolution, fairer representation in international institutions and sustained international cooperation were essential to helping developing economies navigate current and future challenges.
For Nigeria, Oyedele’s chairmanship provided an opportunity to amplify calls for changes to a global financial system that developing countries say often leaves them facing higher borrowing costs and limited influence over decisions that affect their economies.
The G-24 is a group of developing countries that coordinates positions on international monetary and development finance issues, particularly in engagements with the IMF and World Bank.
