Developing countries, under Nigeria’s leadership of the Group of Twenty-Four (G-24), have called for major reforms of the International Monetary Fund (IMF), improved debt relief measures and increased funding to tackle climate change.
The demands were contained in a communiqué issued after the group’s 116th ministerial meeting in Bangkok, Thailand, during the 2026 Annual Meetings of the IMF and the World Bank.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, chaired the meeting, which focused on the economic challenges facing developing countries and the need to make the global financial system more supportive of their development goals.
The G-24 warned that rising geopolitical tensions, increasing commodity prices, trade restrictions and more frequent extreme weather events were putting pressure on economies across the world, particularly emerging markets and developing countries.
According to the group, these challenges have contributed to higher borrowing costs, weakened currencies and increased the risk of debt distress in several countries.
The ministers expressed concern that highly indebted nations were struggling with limited government resources, pressure from external financing obligations and declining development assistance.
They called on the IMF to accelerate reforms of its quota system to reflect changes in the global economy and give developing countries greater voting power and representation in international financial institutions.
The group stressed that any reform must protect the interests of emerging economies and the world’s poorest countries.
The G-24 also urged the IMF to adopt more flexible conditions when designing financial support programmes for countries experiencing economic difficulties.
It argued that such programmes should protect spending on essential social services, encourage investment and avoid excessive economic adjustments that could weaken recovery efforts.
On the issue of sovereign debt, the ministers warned that rising debt repayment obligations were limiting the ability of developing countries to invest in critical sectors such as infrastructure, healthcare and education.
They noted that the growing debt burden was preventing many countries from pursuing inclusive economic growth and long-term development.
The group therefore called for more predictable debt restructuring processes, greater transparency in lending, improved credit-rating assessments and stronger coordination among creditors.
It also welcomed initiatives aimed at improving sovereign debt management, including a new borrowers’ platform supported by the United Nations Conference on Trade and Development (UNCTAD).
The ministers further urged the World Bank to increase access to affordable development financing through innovative financial instruments, including guarantees, risk-sharing arrangements and mechanisms designed to attract private-sector investment.
They emphasised the need for developing countries to strengthen their domestic capital markets and expand lending in local currencies to reduce their exposure to foreign exchange risks.
On climate change, the G-24 demanded the full implementation of the international commitment to mobilise at least $300 billion annually in climate finance by 2035.
The group maintained that developed countries should take the lead in providing the funds, while ensuring that more resources are made available to help developing nations adapt to the effects of climate change.
The ministers also called for stronger international cooperation to tackle tax avoidance, profit shifting and illicit financial flows, which they said were depriving developing countries of revenue needed to fund public services and economic development.
Nigeria’s Permanent Secretary in the Federal Ministry of Finance, Raymond Omachi, chaired the G-24 deputies’ meeting ahead of the ministerial gathering, while Central Bank of Nigeria Governor Olayemi Cardoso participated in the ministerial discussions.
The meeting forms part of ongoing efforts by developing countries to push for a more inclusive international financial system that provides fairer representation, sustainable financing and greater support for economic growth.
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