Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development
IMF News, October 14, 2025
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- Published: October 14, 2025
Main messages and global outlook
- The G-24 "notes with deep concern the humanitarian suffering caused by fragility, violence and wars across the world, and we call for an end to all hostilities."
- Emphasis on "the vital nexus between peace and development" and the need to "honor existing commitments, and provide support for recovery, reconstruction, and long-term development."
- Global growth "remains below pre-pandemic levels" following "a succession of adverse shocks in recent years."
- Rising trade tensions and heightened policy uncertainty are creating "substantial medium-term headwinds," with growth "likely to remain uneven and fragile, constrained by rising fiscal and debt vulnerabilities."
- Inflation "is easing but remains persistent," and there are risks "from policy uncertainty that could undermine the ongoing disinflationary process."
Emerging Markets and Developing Economies (EMDEs)
- Trade tensions and policy uncertainties are "weighing heavily on emerging markets and developing economies (EMDEs)."
- Deteriorating terms-of-trade, reduced export volumes, and declining foreign currency earnings, including remittances, magnify risks to macroeconomic stability.
- Domestic policy has been "critical to containing inflation risks and to mitigating the impact of elevated uncertainty."
- Continued central banks’ independence is "crucial to maintaining monetary policy credibility and effectiveness."
- Policy constraints highlighted: "constrained policy space, debt distress and current uncertainty" underscore "the urgent need for collective and coordinated solutions supported by multilateral institutions."
IMF resources, quotas, and Special Drawing Rights (SDRs)
- IMF support for EMDEs "remains crucial," and a "strong, adequately resourced IMF complemented by Regional Financing Arrangements, is essential for crisis prevention, effective response, and safeguarding international monetary and financial stability."
- Urges members to "advance their domestic processes to ensure the timely completion of the 16th General Review of Quotas (GRQ)."
- The IMF "could also consider exploring a mechanism for the regular issuance of Special Drawing Rights (SDRs) to better support EMDEs and LICs."
- Calls on members to "continue the dialogue on and resolve the impediments to the use of (SDRs) for the acquisition of hybrid capital instruments by Multilateral Development Banks (MDBs)."
- Notes the delay in the task of developing possible approaches to quota realignment "by June 2025" and supports the IMFC Chair’s 2025 Diriyah Declaration on developing general principles "by April 2026."
- Stresses quota realignment should "better reflect members' relative economic weight in the world economy, while protecting the quota shares of all EMDEs, including the poorest members."
- Urges the IMF to "improve regional representation in the IMFC by inviting the Chair of the Group of 24 to the plenary, as is the case with the World Bank Group (WBG) Development Committee."
- Calls for ongoing reviews of "debt sustainability frameworks, program design and conditionality, surveillance practices, and capacity development" to enhance Fund effectiveness.
- Emphasizes robust methodologies for assessing "external imbalances and spillovers" and engagement on "macro-critical issues" including digitalization and artificial intelligence.
World Bank Group (WBG), MDBs, and private capital mobilization
- Welcomes "the ongoing implementation of the WBG Evolution Roadmap" and renewed focus on "creation of more and better jobs and private sector development for economic transformation."
- Recommends capacity development of local resources, increasing infrastructure investments, improving the local business environment (especially for small and medium enterprises), and strengthening private capital mobilization (PCM).
- Highlights deliverables needing faster progress: "Framework of Financial Incentives, Livable Planet Fund, Hybrid capital, Portfolio guarantees, and enhanced callable capital."
- Calls for "prompt action on pricing reform Stage 2 to enhance competitiveness and affordability of International Bank for Reconstruction and Development (IBRD) loans."
- The ongoing Shareholding Review should assess "over- and under-representation across the membership" and "enhance voice and representation of developing countries across all World Bank institutions," while upholding the Lima Principle on protecting voting power of the smallest and poorest countries.
- Looks forward to "the further update of the shareholding review by 2026 Spring Meetings."
- MDBs "should remain the cornerstone of long-term public finance for development" and "should continue to work as a system, ensuring coherence and collective progress across institutions."
- Encourages efforts to "deepen domestic capital markets, de-risk private investment, and mitigate currency risks" to mobilize long-term private financing.
Debt, fiscal sustainability, and crisis prevention
- High debt burdens and rising debt-service costs "continue to undermine long-term development prospects."
- Supports efforts to improve the G20 Common Framework for Debt Treatments (CF) implementation to achieve "more predictable, timely, and coordinated outcomes with full creditor participation."
- Recommends broader reforms focusing on:
- "fiscal sustainability"
- "provision of additional concessional financing"
- "strengthening debt management"
- "enhancing debt transparency"
- "improving country risk assessments and methodology by credit-rating agencies"
- Calls to reinforce "institutional mechanisms for crisis prevention and response to support countries with sustainable debt positions that are solvent but face short‑term liquidity shocks."
- Looks forward to the review of the IMF’s Short‑Term Liquidity Line.
Climate action and sustainable development finance
- Climate action implementation should be "accelerated through equitable commitments tailored to national circumstances" and guided by "the principle of common but differentiated responsibilities."
- Priorities include "loss and damage, biodiversity protection, supporting carbon-capture utilization and storage (CCUS) technologies, and carbon-sink preservation."
- Underscores the need for "grants, concessional financing, technology transfer, and capacity‑building to enable just transitions."
- Supports "country-led platforms that align climate action with national development priorities" and the use of innovative instruments—"green bonds, blended finance, debt swaps, and risk-sharing tools"—to attract private investment complementing public finance.
- "We continue to support access to all energy sources, using all relevant technologies, while ensuring that energy transitions are sustainable and aligned with global climate goals."
- Calls on developed countries to "deliver on their existing commitments," and notes COP30-related actions, including the incoming COP30 Presidency convening the "COP30 Circle of Finance Ministers" and the forthcoming report, "Baku to Belem Roadmap to $1.3T."
Taxation, domestic resource mobilization, and official assistance
- Financing sustainable development requires "stronger domestic resource mobilization and effective multilateral cooperation to curb illicit financial flows at both origin and destination points and prevent tax base erosion."
- Urges donors to "reverse the trend of declining Official Development Assistance (ODA) and to honor their commitments and increase their support in light of rising needs."
- Calls for renewed progress under the "G20–OECD Inclusive Framework" and welcomes ongoing work on "a United Nations Framework Convention on International Tax Cooperation."
- Looks forward to "a more inclusive, sustainable, and equitable international tax architecture that supports progressive measures."
- Urges the IMF and WBG, in collaboration with regional organizations, "to continue supporting domestic resource mobilization efforts."
- Calls on all stakeholders to "honor their commitments to financing sustainable development, as agreed in the Seville Commitment of the United Nations Financing for Development Conference 2025."
Multilateralism and institutional cooperation
- Warns that "multilateralism is facing significant challenges, constraining the prospects for global economic growth, energy security, industrialization and economic diversification, effective climate action, and poverty eradication."
- Calls for "renewed international cooperation" to restore "a stable and transparent trade environment" and help vulnerable countries build resilience, particularly those affected by conflict, debt distress, and natural disasters.
- Stresses that "a fair, transparent, and rules-based multilateral system is central to global prosperity, peace, and stability."
- Advocates closer collaboration among the "WTO, Bretton Woods institutions, and national governments."
Meeting details and participants
- Ministers held their "one hundred and fourteenth meeting in Washington, D.C. on October 14, 2025."
- Chair: "Pablo Quirno, Secretary of Finance, Argentina."
- First Vice-Chair: "Olayemi Michael Cardoso, Governor of the Central Bank, Nigeria."
- Second Vice‑Chair: "Muhammad Aurangzeb, Minister of Finance, Pakistan."
- Deputies meeting: "one hundred and twenty‑sixth meeting of the Deputies of the Group of Twenty-Four" preceded the Ministers' meeting on "October 13, 2025," chaired by "Candelaria Alvarez Moroni."
- Lists of representatives included named participants across African Group, Asian Group, Latin American Group, Observers, Special Guests, G-24 Secretariat, and IMF Secretariat for the G-24; Special Guests included "Kristalina Georgieva, Managing Director, International Monetary Fund" and "Anna Bjerde, Managing Director of Operations, World Bank Group."
Communiqué, Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, October 14, 2025.