Washington: Ministers of finance and economy from the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, known as G-24, expressed concern over humanitarian suffering caused by global fragility, violence, and wars. They called for an end to all hostilities during their 114th meeting.
According to Kuwait News Agency, the ministers emphasized the importance of international law and the enforcement of peaceful dispute resolution principles as outlined in the United Nations Charter. They stressed the critical link between peace and development and welcomed recent developments in the Middle East, hoping it leads to a comprehensive peace.
The ministers underscored the need for international engagement in conflict and fragile states, urging the honoring of commitments and support for recovery and long-term development. They highlighted the importance of providing predictable financing to countries affected by refugee crises alongside humanitarian aid to foster stability and growth.
The ministers noted global growth remains below pre-pandemic levels due to trade tensions and policy uncertainties. They highlighted the impact of these issues on emerging markets and developing economies, citing deteriorating trade terms and declining foreign currency earnings as risks to macroeconomic stability.
The G-24 ministers emphasized central banks' independence to maintain monetary policy credibility and stressed the need for fiscal resilience, structural reforms, and coordinated multilateral solutions. They affirmed the importance of International Monetary Fund support for emerging markets and developing economies and advocated for strengthening the IMF's lending capacity.
The ministers also urged the timely completion of the 16th General Review of Quotas and suggested exploring mechanisms for regular Special Drawing Rights issuance to support economies. They called for continued dialogue on using SDRs for capital instruments by Multilateral Development Banks.
Current G-24 members include Algeria, Argentina, Brazil, Colombia, C´te d'Ivoire, Congo, Ecuador, Egypt, Ethiopia, Gabon, Ghana, Guatemala, Haiti, India, Iran, Kenya, Lebanon, Mexico, Morocco, Nigeria, Pakistan, Peru, the Philippines, South Africa, Sri Lanka, Syria, Trinidad and Tobago, and Venezuela, with China participating as a special invitee.