G24 Ministers and Governors Press Briefing

IMF News, October 7, 2016

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IMF forecasts: growth in 2016 at 3.1 percent and 2017 at 3.4 percent.
The Group expressed concern with the slow and weak global recovery and noted high downside risks that could further disrupt growth.
Emerging market and developing countries’ growth prospects are improving, but country conditions vary significantly, with some commodity exporters experiencing a sharp slowdown in economic activity.

Pursue policies to boost demand and stimulate inclusive growth tailored to country circumstances and available fiscal space.
Explore opportunities for economic diversification, including:
- Measures to improve agricultural productivity.
- Deepen industrialization.
- More fully capture the potential of digital technologies.
Address high levels of inequality within countries; implement policies aimed at improving social protection.
Broaden financial social inclusion and address underemployment and unemployment, described as "mandatory."

Emphasized the vital importance of investing in high‑quality infrastructure to:
- Boost growth.
- Increase demand.
- Improve productivity.
- Help countries achieve the SDGs and meet climate goals.
Called for continued support from the World Bank, the IMF, and the multilateral development community to help expand infrastructure investment and catalyze deeper private sector participation.

Advocated coordinated multilateral actions to support a stronger global recovery.
Support for further focus on the IMF’s lending toolkit and technical assistance to address diverse country needs, including instruments to address sharp drops in commodity prices and non‑economic shocks.
Called for an adequate Global Financial Safety Net anchored by an adequately resourced, quota‑based IMF.
Recommended enhanced surveillance and coordination to address spillovers from policies implemented in systemically important economies.

Deep concern about the significant increase in trade restrictions in major economies.
Urged resisting protectionist measures and working toward creating an enabling multilateral environment for trade.
Noted that appropriate public policies are needed to ensure that the dividends of global integration are more widely shared and understood.

Domestic resource mobilization remains key.
Called for enhanced international tax cooperation and intensified global efforts to combat illicit financial flows.
Concessional finance supports low‑income countries in realizing their sustainable development goals and provides resources to address critical global challenges.
Reiterated call for developed countries to fulfill their ODA commitments and looked to a successful 18th Replenishment of the IDA.

Welcomed the World Bank’s and the IMF’s support to countries disproportionately affected by the refugee crisis and other non‑economic shocks.
Looked to further collective action to address the major adverse economic and development consequences of conflict.
Urged provision of concessional assistance to help countries facing refugee-related and other non‑economic crises.

Keen to see the early completion of the IMF’s 15th General Review of Quotas and a new quota formula that further shifts quota shares to emerging market and developing countries to better reflect their weight in the global economy.
On the World Bank Group’s ongoing Shareholding Review, underscored the multilateral commitment to increasing the voting power of developing and transition countries as a group, according to the Istanbul Principles.
Called for exploring options and rules to ensure this outcome, including through forbearance, [?] of individual DTCs, and increasing basic votes.

Source: G24 Ministers and Governors Press Briefing