Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has led calls for reforms to the global financial system to make development financing more affordable and improve debt resolution for developing countries.
Key Highlights
- Oyedele chaired the G-24 Board of Governors meeting on the sidelines of the IMF/World Bank annual meetings in Bangkok.
- He called for reforms to IMF quotas and governance and a more predictable sovereign debt restructuring process.
- IMF Managing Director Kristalina Georgieva projected global growth at about 3.1 percent through 2026.
- The World Bank says it has mobilised about $27.4 billion in crisis-related financing.
- Pakistan is set to assume the G-24 chairmanship.
The development was disclosed in a statement by Efe Ovuakporie, Head of Media at the Federal Ministry of Finance, following the G-24 Board of Governors meeting chaired by Oyedele on the sidelines of the IMF and World Bank Group annual meetings in Bangkok, Thailand, on Wednesday, October 14, 2026.
The meeting brought together governors of member countries, alongside International Monetary Fund (IMF) Managing Director Kristalina Georgieva and World Bank Senior Managing Director Axel van Trotsenburg, who represented the bank’s President, Ajay Banga.
Participants commended Nigeria’s leadership of the discussions, which focused on the financial pressures confronting emerging and developing economies amid geopolitical tensions, unstable commodity prices, climate-related shocks and tighter global financing conditions.
Oyedele said rising interest rates, expanding fiscal deficits in advanced economies and increasing demand for financing for artificial intelligence and energy infrastructure had made borrowing more expensive for developing nations.
He called for reforms to IMF quotas and governance, stronger representation for developing countries at the World Bank, improved access to development finance and a more predictable process for restructuring sovereign debt involving all creditors.
The minister also advocated increased climate financing, stronger international tax cooperation to tackle tax avoidance and illicit financial flows, and greater participation by developing economies in global decision-making, including within the G-20.
In his closing remarks, Oyedele identified three key lessons from the meeting, stressing the need for countries to prepare for crises before they occur, adopt and regulate artificial intelligence responsibly, and strengthen international cooperation to address shared challenges.
He said these challenges include energy insecurity, food price volatility, supply-chain disruptions, debt vulnerability and climate change.
IMF, World Bank Outlook
IMF Managing Director Georgieva described the global economy as resilient, with growth projected at approximately 3.1 percent through 2026.
However, she warned that the outlook concealed growing disparities between countries benefiting from digital transformation, artificial intelligence investment and critical-mineral supply chains and those struggling with high energy costs, conflict and limited access to technology.
Georgieva said persistent pressure on energy and food prices was keeping interest rates and debt-servicing costs elevated.
She urged governments to rebuild fiscal buffers, preserve central bank independence, invest in digital infrastructure and skills, and accelerate debt treatment under the G-20 Common Framework. She also called for further reform of the IMF quota system.
Representing the World Bank, van Trotsenburg said the institution has mobilised about $27.4 billion in crisis-related financing, with 10 countries activating dedicated crisis-response instruments and 19 others redirecting existing resources towards urgent needs.
He highlighted the risks posed by El Niño to food security and grain prices, adding that the World Bank remained focused on expanding electricity access, healthcare, digital connectivity and job creation.
He identified tourism, healthcare, food systems and manufacturing as sectors with potential to generate employment, while emphasising the importance of mobilising private capital and climate finance.
Other G-24 Members Speak
Other G-24 members also highlighted challenges facing developing economies and called for changes to the international financial system.
Brazil, China and Pakistan supported stronger representation for the Global South and reforms to the Bretton Woods institutions, while the Philippines called for deeper regional financial integration.
Read also:
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Kenya advocated stronger policy buffers and greater access to local-currency financing. Egypt raised concerns over supply-chain disruptions and capital outflows, while Lebanon and Syria highlighted the difficulties of securing financing in conflict-affected economies.
Pakistan, which is set to assume the G-24 chairmanship, pledged to keep development issues central to the group’s agenda.
The meeting concluded that domestic policy reforms alone would not adequately protect developing economies from external shocks, stressing the need for affordable financing, effective debt resolution, fairer representation in international institutions and sustained global cooperation.
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