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The Philippines has urged international financial institutions (IFIs) to increase their assistance to emerging markets and developing economies (EMDEs) amid escalating global challenges and risks.
“International financial institutions, such as the World Bank and the International Monetary Fund (IMF), must be adequately equipped and are called upon to step in more decisively to support EMDEs through timely and accessible financing, technical assistance, knowledge support, and enhanced policy dialogue,” Department of Finance (DOF) international finance group (IFG) Undersecretary Joven Balbosa said during the Intergovernmental Group of Twenty-Four (G-24) ministers and governors meeting on April 22 in Washington, D.C.
Balbosa attended the meeting on behalf of DOF Secretary Ralph G. Recto, who led the G-24 Bureau from 2023 to 2024 and now serves as a non-executive member.
Balbosa stressed the challenges faced by poor countries such as the Philippines, including “economic shocks, constrained fiscal space, climate change, and growing geopolitical and trade tensions.”
He noted the need to consider the ripple effects of trade measures, as many Association of Southeast Asian Nations (ASEAN) economies play key roles in the global supply chain.
He likewise stressed the importance of adopting effective fiscal and monetary policies that align with global economic changes to ensure long-term resilience and stability amid global challenges.
Balbosa also called on the World Bank and the IMF to continue collaborating with other IFIs in supporting “vulnerable countries and finding innovative ways to provide financing to programs and projects that contribute to global growth and development.”
Anna Bjerde, World Bank managing director of operations, announced to G-24 members the launch of the multilateral lender’s new project preparation facility (PPF) to assist developing countries in overcoming project preparation challenges. The facility is available to both International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) clients.
“We think it will be very helpful in preparing good projects that are important for your development,” Bjerde said.
IMF Managing Director Kristalina Georgieva recognized the Philippines’ intervention in understanding spillovers and the corresponding policy actions that need to be set in place.
“I can assure you, we take our responsibility to buffer countries very seriously. Before we started this meeting at the [IMF], we had a review of all countries’ degrees of vulnerability,” Georgieva said.
During the meeting, members approved the G-24 Communiqué, a written statement outlining the group's position on financial innovation, climate action, sustainable development financing, and multilateral cooperation on tax and trade policies.
The high-level meeting brought together finance ministers and central bank governors from G-24 member countries to discuss how IFIs can strengthen support for poor countries.
The G-24 coordinates the positions of developing countries on global monetary and development finance issues to ensure their interests are well-represented in international discussions.
The G-24 now has 29 members, namely: Algeria, Argentina, Brazil, China, Colombia, Congo, Cote d’Ivoire, 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.
