Nigeria-Led G-24 Seeks IMF Reform, Debt Relief and $300bn Climate Finance

The Nigeria-led Group of Twenty-Four (G-24) has called for reforms that give developing countries greater representation and voting power at the International Monetary Fund. In a communiqué issued after its 116th ministerial meeting in Bangkok, the group urged more flexible IMF support programmes, faster and more predictable sovereign debt restructuring, and improved access to affordable development finance. The ministers said rising borrowing costs, weaker currencies, trade restrictions and extreme weather were worsening debt pressures across developing economies. They also called for the full delivery of at least $300 billion in annual climate finance by 2035, with developed countries leading the effort. The G-24 further urged stronger action against tax avoidance, illicit financial flows and profit shifting, which reduce public revenues in developing countries.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.