The Group of 24 Countries (G-24) has expressed concern over the escalating humanitarian suffering, due to crises in various parts of the globe.

The Chairman, Mr. Pablo Quirno, yesterday, voiced out the body’s concern at a press briefing of the G-24 at the, as part of the ongoing Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington DC.

Mr. Quirno said, “G-24 notes the severe humanitarian suffering caused by global crises and conflicts in various parts of the world.

“We are concerned about the increasing scale and complexity of these crises, as their associated challenges continue to exert significant pressure on frontline states, especially in developing areas.

“We note the tightening of global aid budgets amid escalating needs, and the potential impact of delay in the delivery of critical assistance.

“Predictable, needs-based, and principled humanitarian support is essential for restoring stability, preserving development gains, and enabling early recovery.”

Uphold aid

The group called for the sustainability of aid to the affected regions of the world, despite the severe effects of aid cuts by donor nations.

The Chairman said, “We urge the international community to maintain existing aid commitments and uphold the integrity of humanitarian action, and for multilateral support to aid recovery, reconstruction, and long-term development.”

In his contribution, the Nigeria Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, noted that the global economy was facing a period of uncertainty, a situation, he said made the works of the IMF and World Bank more crucial than ever.

He said, “I think globally we are facing a period of volatility and uncertainty and as such, the Bretton Woods institutions are crucial in providing the safety- net and the channels of communication that remain open among the different countries that participate in those institutions.

“I think the role is very, very important. And we don’t see them, I mean, we are always rebalancing their role and the task, and it’s something that’s a process that we do constantly.

“At the end of the day, the role is vital, it’s very important, and we don’t see that at this point. Thank you, I agree with the chair that there’s nothing that we have heard that says that the Bretton Woods should stand ready to do anything other than on the one hand provide safety-net, and on the other hand continue to provide development finance.

“If anything, at this time of heightened global uncertainty, what we have heard from them is that they stand ready and very much willing and capable this particular time and to continue to encourage good policy making, to encourage resilience, building of resilience, building of offers, and effectively staying the course for those who are actually on the path that will take them further along the road to growth, development, and adoption.”

The G-24 in its report, noted that the global economic outlook was uncertain because of increasing geopolitical tensions and trade conflicts arising from sudden shifts in trade policies in major economies.

It said, “Global growth is expected to moderate in 2025 and remain steady in 2026, but at a level that is not sufficient to accelerate progress towards sustainable economic development.

“Tariff hikes would likely lower real wages and disrupt global supply chains. Such tariff increases could disproportionately impact Emerging Markets and Developing Economies (EMDEs) and Low-Income Countries (LICs), given their limited diversification and greater dependence on imported inputs.

“The impact of tariff measures on inflation remains uncertain. Many EMDEs have experienced rising bond yields, capital flows reversals, and depreciating currencies following tariff hikes.

“Tighter financial conditions could exacerbate external, fiscal, and debt vulnerabilities, jeopardizing financial stability and hindering economic progress.”

It added given the global developments, domestic policymaking was the first line of defence.

The group said that fiscal policies should safeguard fiscal sustainability and rebuild buffers, remain growth-friendly, and catalyze public and private investments towards productivity enhancing reforms. Central banks should continue their efforts to maintain price and financial stability in line with their respective mandates, adjusting their policies in a data-dependent manner.

The G-24 said further, “We recognize the importance of structural reforms to sustainably raise productivity and growth, address increasingly acute challenges and strengthen social safety nets, in line with country-specific circumstances.

“We welcome the steadfast commitment of the International Monetary Fund (IMF) to its core mandate as the center of the Global Financial Safety Net (GFSN) and we look forward to the implementation of the Managing Director’s Global Policy Agenda.

“We urge the Fund to leverage this crucial role to encourage multilateral cooperation, while garnering support for the most vulnerable countries facing manifold challenges. To enhance the adequacy of the IMF’s resources and reinforce its role as a quota-based institution, we call on member countries to accelerate their domestic processes to give effect to the quota increases under the 16th General Review of

“Quotas (GRQ), to ensure that the IMF can cope with escalating challenges around the world. With the global economy roiled by uncertainty, it is more important than ever to maintain confidence in multilateralism by continuing dialogue on quota reforms.

“Therefore, we call for rapid progress in the ongoing work to develop possible approaches for further quota realignment, including through a new quota formula under the 17th GRQ. Such a realignment should reflect members’ relative economic weights and should not come at the expense of EMDEs and LICs. In addition, it is crucial to strengthen the voice and representation of developing countries in the governance structure of the Fund.

“The IMF’s recent reviews and enhancements to its policies and procedures would increase support for member countries and safeguard global economic stability. We welcome the planned reviews of the joint World Bank-IMF Low-Income Countries Debt Sustainability Framework, capacity development priorities and its appropriate financing, program design and conditionalities, and engagement on macro-critical challenges.

“These reviews are vital for ensuring that the IMF remains relevant and effective in addressing the diverse needs of its membership.

“We hope the upcoming Comprehensive Surveillance Review will strengthen the active monitoring of countries’ economic and financial policies, with particular attention to the spillover effects from the policies of systemically important countries.”




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