## G24 Ministers and Governors Press Briefing

_IMF News, October 7, 2016_

## Source details

**Canonical URL:** [G24 Ministers and Governors Press Briefing](https://www.imf.org/en/news/articles/2016/10/07/am16-tr100616-g24-ministers-governors-press-briefing)

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## Bibliographic details
- Published: October 7, 2016

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### Macroeconomic outlook and growth forecasts
- 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.

### Country-level policy priorities
- 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."

### Infrastructure, private participation, and development goals
- 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.

### Global coordination, financial safety nets, and surveillance
- 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.

### Trade, protectionism, and multilateral environment
- 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.

### Financing for development and tax cooperation
- 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.

### Support for countries affected by refugees and non‑economic shocks
- 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.

### Governance of international financial institutions
- 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.

### Event and contact details
- Washington, D.C., October 7, 2016.
- IMF Communications Department, MEDIA RELATIONS.
- PRESS OFFICER: Phone: +1 202 623-7100 Email: MEDIA@IMF.org

*Source: G24 Ministers and Governors Press Briefing*

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## References

- [Colombia and the IMF](http://www.imf.org/external/country/COL/index.htm)
- [United States and the IMF](http://www.imf.org/external/country/USA/index.htm)
- [IMF Quotas -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2022/imf-quotas)
- [Transcripts](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2016/10/07/am16-tr100616-g24-ministers-governors-press-briefing_