Press Briefing Transcript: G-24, Annual Meetings (October 16, 2025)
IMF News, October 16, 2025
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- Published: October 16, 2025
Overarching assessment of the global outlook and EMDEs
- Global growth remains below prepandemic levels following a succession of adverse shocks.
- Rising policy uncertainties are generating substantial medium‑term headwinds.
- Emerging market and developing economies (EMDEs) face:
- deteriorating terms of trade,
- reduced export volumes,
- declining foreign currency earnings.
- Many EMDEs have ramped up domestic policy responses, but constrained policy space and current uncertainty underscore the need for collective and coordinated solutions supported by multilateral institutions.
Role of the IMF, World Bank, and multilateral cooperation
- The IMF is described as the centerpiece of the Global Financial Safety Net; maintaining a robust and well‑resourced IMF is necessary for:
- crisis prevention,
- effective response,
- sustaining international monetary and financial stability.
- Calls for quota realignment:
- Approaches for further quota realignment should reflect members’ relative economic weights, without disadvantaging other EMDEs and LICs.
- World Bank priorities:
- Support for jobs and private sector development is welcomed.
- The Bank’s evolution program progress is noted.
- The ongoing Shareholding Review is framed as an opportunity to resolve disparities and enhance EMDE representation and voice.
Sovereign debt architecture — findings and reform priorities
- Current situation:
- High debt burdens and rising debt service costs continue to undermine long‑term development prospects.
- Critique of the Common Framework:
- Described as “at best some kind of restructuring with a little bet of a haircut.”
- Private sector creditors are currently not included in the Common Framework.
- Debt to international financial institutions, like the IMF and the World Bank, is not included under the current arrangement.
- Calls for broader reforms:
- A comprehensive sovereign debt restructuring framework that includes:
- bilateral creditors,
- the private sector,
- consideration of debt owed to international financial institutions.
- Mechanisms to address countries that are illiquid but solvent (able to pay over the medium term) and need quick, market‑based liquidity support.
- Emphasis on focusing on fiscal sustainability and improving country risk assessments by credit rating agencies.
- Historical precedent referenced:
- HIPC and MDRI regimes at the turn of the century went further than current arrangements.
Domestic policy priorities and credibility
- Restoring credibility through sound fiscal and monetary policies is presented as the primary path to debt sustainability and market access.
- Domestic resource mobilization and tax cooperation:
- Effective domestic resource mobilization and multilateral cooperation on tax reforms are essential to mobilize resources for development and global challenges.
- Coordination with multilateral development banks is highlighted for resource mobilization, infrastructure financing, and education to build human capital.
Development and energy transition
- Call for accelerated global action on development.
- Support for an equitable energy transition backed by innovative financial instruments and multilateral collaboration.
Trade, currency arrangements, and local‑currency settlement
- Discussion points from panel:
- Pakistan:
- Has signed a currency swap agreement with the People’s Republic of China to assist transition to local currency settlement and diversify currency usage in trade.
- Central bank aims to provide an enabling environment so traders can choose to denominate trade in local currency.
- Nigeria:
- Impact of U.S. and other trade dynamics described as modest for Nigeria.
- A more competitive currency is associated with a positive balance of trade; a trade surplus “6 percent of GDP or thereabouts” is expected to remain for some time.
- Competitive currency is said to encourage domestic production and discourage imports, aiding economic restructuring.
- Argentina:
- Historical reliance on global currencies (US dollars, euros, yen, renminbi) due to a weak local currency; broader local‑currency trade uptake is seen as a long‑term prospect.
- General:
- Mixed experiences: some experiments with local‑currency settlement “did not work out very well” in a specific case, while others are pursuing gradual diversification.
Private capital, digital bonds, and new instruments
- Question raised about digital bonds attracting new investor classes and involving private capital (pilot in South Africa referenced by an attendee).
- Panel suggested that related technical discussions might be suitable for a dedicated conference on digital bonds.
Country‑specific support: Syria
- Syria’s challenges are multifaceted: reconstruction, institution building, and macroeconomic stabilization are highlighted.
- IMF assessment reference:
- Syria’s GDP has declined by about 50 percent over the past 10 years.
- Support modalities:
- International Financial Institutions (IMF, World Bank) can provide concessional financing and programs for fragile and post‑conflict states.
- Concessional terms are emphasized because the country is not in a position to service high‑cost loans.
- A comprehensive government plan and institutional rebuilding are necessary preconditions for effective support.
Engagement, representation, and outreach
- G24 is presented as an effective forum for EMDEs to convey priorities directly to Bretton Woods leadership.
- The communiqué and press release encapsulate discussions and are intended to inform policymakers and stakeholders.
- Transcript and communiqué availability:
- The G24 communiqué should have been posted on IMF.org; the transcript of the conference will be made available later.
Key operational/contact detail preserved from the briefing:
- Date: October 16, 2025
- MEDIA RELATIONS PRESS OFFICER: Pavis Devahasadin
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
Transcript of the G‑24 press briefing, IMF Communications Department, October 16, 2025.