## Transcript of G-24 Press Briefing _IMF News, October 13, 2017_ ## Source details **Canonical URL:** [Transcript of G-24 Press Briefing](https://www.imf.org/en/news/articles/2017/10/13/tr101217-transcript-of-g-24-press-briefing) ## Other formats - [Markdown version](/en/news/articles/2017/10/13/tr101217-transcript-of-g-24-press-briefing/index.md) - [Structured JSON version](/en/news/articles/2017/10/13/tr101217-transcript-of-g-24-press-briefing/index.json) - [Bundle manifest](/en/news/articles/2017/10/13/tr101217-transcript-of-g-24-press-briefing/bundle-manifest.json) ## Bibliographic details - Published: October 13, 2017 --- ### Global outlook, risks, and multilateral policy coordination - Ministers welcomed the increased momentum in global growth but expressed concern with medium-term downside risks. - Mitigating risks requires policy coordination to minimize adverse spillovers on developing countries and continued multilateral commitment to avert protectionism and maintain an open, rules-based trading system. - An adequate global financial safety net is essential; a quota-based, adequately resourced, and evenhanded IMF is central to that objective. - The G-24 looks forward to the results of the ongoing review of the IMF and of the IMF toolkit intended to address liquidity and precautionary needs of member countries. - The G-24 supports a more comprehensive IMF engagement with low-income countries. ### IMF and World Bank governance, voice, and financing for development - Calls and requests: - Completion of the IMF’s 15th General Review of Quotas and a revised quota formula. - A revised quota formula to further shift quota shares from advanced economies to EMDCs to better reflect their growing weight in the global economy. - On the World Bank, a shareholding review to achieve equitable voting power between developed and developing and transitioning countries. - Safeguard and enhance the financial strengths of the World Bank. - Emphasis on mobilizing financing for development from public and private sources. - The IMF, World Bank, and United Nations efforts to strengthen assistance for domestic resource mobilization were welcomed. - Importance of effective international tax cooperation to address challenges of developing countries was underscored. - Multilateral development banks, including the World Bank, have a key role to play in supporting policy and institutional frameworks and catalyzing private financing. - Membership update: The G-24 welcomed two new member countries, Kenya and Ecuador. - The G-24 looks forward to continued collaboration with the G-20 and expressed support to Argentina, which will hold the G-20 presidency next year and is a G-24 member. ### Climate change and sustainable development - On the Paris Climate Agreement, the G-24 encourages countries to implement their commitments, which are key to meeting the sustainable development goals. - Extreme weather events have substantial adverse human and economic consequences in G-24 countries. - Emphasis on a strong global response and support for developing countries’ pursuit of adaptation and mitigation strategies, with special mention of Caribbean countries recently affected by devastating hurricanes. ### Inclusive growth, jobs, youth, and gender - Foundations for inclusive growth highlighted as a priority: transforming economies to improve job creation and reduce poverty and inequality. - Priority agendas include: - Investment in quality education and skills development to empower youth to productively engage in economies. - Job creation through private investment and promotion of formal private sector employment. - Support for entrepreneurship and small businesses to absorb youth when formal jobs are insufficient. - Gender equality as an important dimension of inclusive growth. - The membership has placed significant importance on job creation and employment; G-24 jointly convened a Geneva meeting with the ILO on these issues. ### Technology, the “new economy,” and skills - Technology trends noted: data analytics, artificial intelligence, robotics, 3-D printing — described as part of a “fourth industrial revolution.” - General assessment: - Technological progress is welcomed for enhancing productivity and accelerating growth. - The implications of new technologies depend on country context and economic feasibility. - High premium on education, training, and skills development; those acquiring human capital will benefit most. - Societies must adapt to capture opportunities and manage inclusion challenges. - Country perspectives: - Ethiopia (low-income, young population): may still compete in labor-intensive activities; need to evaluate economic feasibility of adopting certain technologies. - Sri Lanka (lower middle-income): must infuse new technology and drive innovation to remain competitive with regional peers; cannot compete on low wages with some neighbors. - Concern about job displacement in activities where technology advances; many countries are in early stages of addressing this. ### Demographics: regional contrasts and policy implications - Ethiopia: - Close to 70 percent of the population is under the age of 30. - Policy priorities: quality education and skills, formal private investment to create jobs, and support for youth entrepreneurship and small businesses. - Sri Lanka: - Noted as an outlier in South Asia: on the cusp of aging despite being a lower middle-income country. - Historical success in female education and voluntary family planning contributed to earlier demographic transition before economic transformation. - Policy priorities: shift from labor-augmentation growth to productivity-driven growth; improve technical education and skills aligned with sectors of comparative advantage. - Regional observation: South Asia and many African countries have young populations that can be an advantage if education and skills are aligned to labor market needs; other regions face aging-related challenges. ### Trade policy and protectionism - The G-24 expressed concern about rising protectionist tendencies and the adverse global growth and employment consequences if protectionism advances. - Observations on trade dynamics: - The impasse in the Doha Round and the rise of regional and bilateral trade agreements seen as second-best solutions. - Countries are increasing market access via bilateral, regional, and plurilateral agreements. - Sri Lanka examples: widening free-trade agreement in goods with India; negotiating economic partnership agreements with China and Singapore; GSP Plus with Europe. - The G-24 emphasized the importance of maintaining as much market access as possible amid limited multilateral progress. ### Country-specific data and policy focus (as stated in the briefing) - Ethiopia: - About 70 percent of the population is under the age of 30. - Policy focus: quality education, skills development, private investment, entrepreneurship, promotion of small businesses. - Sri Lanka: - Corrected per capita income: U.S. dollars 3,840 (Sri Lanka described as a lower middle-income country). - Land area cited in question: 65,000 square kilometers (as referenced by a questioner). - Population cited in question: 21 million (as referenced by a questioner). - Policy focus: improve learning outcomes (particularly STEM), align education and skills with sectors of dynamic comparative advantage, emphasize technical education and skills development. *Transcript of G-24 Press Briefing — October 13, 2017. IMF Communications Department.* --- ## References - [Sri Lanka and the IMF](http://www.imf.org/external/country/LKA/index.htm) - [The Federal Democratic Republic of Ethiopia and the IMF](http://www.imf.org/external/country/ETH/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/2017/10/13/tr101217-transcript-of-g-24-press-briefing_