{ "title": "Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development", "publication": "IMF News, April 22, 2025", "sourceUrl": "https://www.imf.org/en/news/articles/2025/04/22/cm042225-intergovernmental-group-of-twenty-four-on-international-monetary-affairs-and-development", "canonical": "https://www.imf.org/en/news/articles/2025/04/22/cm042225-intergovernmental-group-of-twenty-four-on-international-monetary-affairs-and-development", "overlayPath": "/en/news/articles/2025/04/22/cm042225-intergovernmental-group-of-twenty-four-on-international-monetary-affairs-and-development/index.md", "summary": "Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development", "publishDate": "2025-04-22", "sections": [ { "heading": "Humanitarian crises and aid", "content": "- Severe humanitarian suffering from global crises and conflicts; increasing scale and complexity impacting frontline states, especially in developing areas.\n- Concern over tightening global aid budgets amid escalating needs and potential delays in delivery of critical assistance.\n- Recommendations:\n - Maintain existing aid commitments.\n - Uphold the integrity of humanitarian action.\n - Provide predictable, needs-based, and principled humanitarian support to restore stability, preserve development gains, and enable early recovery.\n - Ensure multilateral support for recovery, reconstruction, and long-term development." }, { "heading": "Global economic outlook and trade policy risks", "content": "- Global growth:\n - Expected to moderate in 2025 and remain steady in 2026, but at a level insufficient to accelerate progress towards sustainable economic development.\n- Risks from tariff hikes and trade policy shifts:\n - Tariff hikes would likely lower real wages and disrupt global supply chains.\n - Disproportionate impact on Emerging Markets and Developing Economies (EMDEs) and Low-Income Countries (LICs) due to limited diversification and dependence on imported inputs.\n- Financial and inflation impacts:\n - Impact of tariff measures on inflation remains uncertain.\n - Many EMDEs have experienced rising bond yields, capital flows reversals, and depreciating currencies following tariff hikes.\n - Tighter financial conditions could exacerbate external, fiscal, and debt vulnerabilities, jeopardizing financial stability and hindering economic progress." }, { "heading": "Domestic policy priorities", "content": "- Domestic policymaking is the first line of defense.\n- Fiscal policy guidance:\n - Safeguard fiscal sustainability and rebuild buffers.\n - Remain growth-friendly.\n - Catalyze public and private investments toward productivity-enhancing reforms.\n- Monetary policy guidance:\n - Central banks should maintain price and financial stability in line with their mandates.\n - Adjust policies in a data-dependent manner.\n- Structural reforms:\n - Sustainably raise productivity and growth.\n - Strengthen social safety nets.\n - Design reforms consistent with country-specific circumstances." }, { "heading": "IMF role, quota reforms, and governance", "content": "- Welcome IMF commitment to its core mandate as the center of the Global Financial Safety Net (GFSN) and support for the Managing Director’s Global Policy Agenda.\n- Calls to action:\n - Accelerate domestic processes to give effect to quota increases under the 16th General Review of Quotas (GRQ).\n - Continue dialogue on quota reforms and rapid progress on approaches for further quota realignment, including a new quota formula under the 17th GRQ.\n - Ensure realignment reflects members' relative economic weights and does not come at the expense of EMDEs and LICs.\n - Strengthen voice and representation of developing countries in IMF governance." }, { "heading": "IMF policy reviews and SDR mobilization", "content": "- Support for IMF reviews and enhancements:\n - Joint World Bank-IMF Low-Income Countries Debt Sustainability Framework.\n - Capacity development priorities and financing.\n - Program design and conditionalities.\n - Engagement on macro-critical challenges.\n - Comprehensive Surveillance Review expected to strengthen monitoring with attention to spillovers from systemically important countries.\n- Special Drawing Rights (SDR) concerns:\n - Limited progress in operationalizing rechanneling of SDRs through Multilateral Development Banks (MDBs).\n - Call for innovative solutions to better leverage SDRs for global challenges while protecting reserve asset characteristics.\n - Mention of the Global Alliance against Hunger and Poverty in SDR context." }, { "heading": "Liquidity access, crisis prevention, and surveillance", "content": "- EMDE vulnerabilities:\n - EMDEs with limited access to affordable short-term and crisis-related liquidity likely to become more vulnerable.\n- Recommendations:\n - Address imbalances in liquidity access.\n - Strengthen crisis prevention and response capabilities.\n - Enhance existing financial safety nets and coordination with Regional Financing Arrangements.\n - Intensify surveillance, technical assistance, and policy advice on internal and external stability.\n - Prioritize research and policy recommendations on managing capital flow volatility, safeguarding balance sheets, and mitigating exchange rate risks." }, { "heading": "World Bank Group reforms and lending capacity", "content": "- Progress noted on WBG Evolution Roadmap:\n - Establishment of the WBG Guarantee Platform.\n - Introduction of the Climate Resilient Debt Clause.\n- Key deliverables and actions urged:\n - Operationalize the Framework for Financial Incentives.\n - Deploy hybrid capital instruments.\n - Expand portfolio guarantees.\n - Operationalize the Livable Planet Fund.\n - Prompt action on IBRD stage 2 loan pricing adjustments to complement stage 1 pricing reforms.\n- Expected outcome:\n - Deliver the expected $150 billion additional lending capacity to enhance WBG’s ability to end extreme poverty, promote shared prosperity, reduce inequality, and address global challenges.\n- Additional requests:\n - Support investment in physical and human development, private capital mobilization, and policies fostering economic transformation for job creation.\n - Anticipation of a revised Fragility, Conflict, and Violence (FCV) Strategy." }, { "heading": "MDBs, IDA21, and MDB reform implementation", "content": "- IDA21:\n - The 21st replenishment of the International Development Association (IDA21) provides vital financing; call for timely effectiveness and operationalization.\n- MDB reform priorities:\n - Faster progress on G20 Independent Experts Group recommendations, including local currency lending, domestic capital market reforms, de-risking private sector investment, and capital increases across the WBG and MDB system.\n - Swift progress on the WBG 2025 Shareholding Review in line with the Lima Principles to address misalignment, strengthen voice and representation, enhance IBRD legitimacy, and ensure equitable voting power.\n - Commendation of the G20 South Africa Presidency for engagement on the G20 MDBs Reform Roadmap.\n - Need for robust monitoring and reporting mechanisms to assess progress." }, { "heading": "Debt challenges and debt-management reforms", "content": "- Ongoing challenges:\n - High debt burdens and rising debt service costs undermine countries’ capacity to finance development.\n- Commendations and calls:\n - Welcome progress under the Common Framework (CF) and the Global Sovereign Debt Roundtable.\n - Call for improvements in CF implementation to ensure predictable, timely, orderly, and coordinated results with full participation of all creditor classes.\n - Further reforms requested to promote sustainable debt management practices, enhance debt transparency, and improve country-risk assessments by credit rating agencies.\n - Request IMF and WBG assistance for countries with sustainable debt positions facing short-term liquidity challenges." }, { "heading": "Climate finance and energy transition", "content": "- Need to accelerate climate action with expedited financial commitments.\n- Principles and priorities:\n - Concerted, equitable climate action based on national circumstances and priorities, considering common but differentiated responsibilities and respective capabilities.\n - Focus areas: adaptation, mitigation, loss and damage, biodiversity, and protection of carbon sinks.\n - Support for WBG’s expanded focus on all energy sources to meet development objectives.\n- Financing and instruments:\n - Call for increased grant and concessional financing tailored to adaptation needs of developing countries.\n - Urge developed countries to fulfill existing pledges on climate finance and transition support.\n - Promote innovative financial instruments: green and climate related bonds, blended finance mechanisms, and risk-sharing tools, including guarantees.\n- Event:\n - Expectation that the 30th Conference of Parties (CoP 30) will strengthen multilateral cooperation on global goals and funding strategies." }, { "heading": "Domestic resource mobilization, tax cooperation, and trade", "content": "- Emphasis on domestic resource mobilization and multilateral cooperation on tax reforms and trade policies.\n- Support and engagement:\n - Welcome ongoing work of the IMF/WBG Joint Domestic Resource Mobilization Initiative.\n - Look forward to the forthcoming United Nations Financing for Development Conference.\n - Support for multilateral collaboration on illicit financial flows and tax base erosion, and constructive engagement in the G20-OECD Inclusive Framework and UN Framework Convention on International Tax Cooperation.\n - Call for a fair, open, and transparent multilateral trading system centered around the World Trade Organization (WTO).\n - Strengthen collaboration between governments, the WTO, and the Bretton Woods institutions to safeguard global economic stability and cooperation.\n - Acknowledge the role of the OPEC Declaration of Cooperation in safeguarding oil market stability." }, { "heading": "Meeting logistics and participants", "content": "- Meetings:\n - Ministers held their one hundred and thirteenth meeting in Washington, D.C. on April 22, 2025.\n - Deputies held their one hundred and twenty-fifth meeting on April 21, 2025.\n- Chair and Vice-Chairs:\n - Chair: Pablo Quirno, Secretary of Finance, Argentina.\n - First Vice-Chair: Olawale Edun, Minister of Finance, Nigeria.\n - Second Vice‑Chair: Muhammad Aurangzeb, Minister of Finance, Pakistan.\n- Special guests and senior attendees included:\n - Kristalina Georgieva, Managing Director, International Monetary Fund.\n - Anna Bjerde, Managing Director of Operations, World Bank Group.\n - Patrick Achi, Former Prime Minister of Côte d'Ivoire, and External Advisor to the Bretton Woods at 80 Initiative.\n- Press contact:\n - PRESS OFFICER:\n - Phone: +1 202 623-7100\n - Email: MEDIA@IMF.org\n - @IMFSpokesperson\n\nCommuniqué, April 22, 2025, Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development\n\n---\n\n\n References\n\n- Argentina and the IMF\n- South Africa and the IMF\n- Communiqués\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2025/04/22/cm042225-intergovernmental-group-of-twenty-four-on-international-monetary-affairs-and-development" } ], "bullets": [ "[Markdown version](/en/news/articles/2025/04/22/cm042225-intergovernmental-group-of-twenty-four-on-international-monetary-affairs-and-development/index.md)", "[Structured JSON version](/en/news/articles/2025/04/22/cm042225-intergovernmental-group-of-twenty-four-on-international-monetary-affairs-and-development/index.json)", "[Bundle manifest](/en/news/articles/2025/04/22/cm042225-intergovernmental-group-of-twenty-four-on-international-monetary-affairs-and-development/bundle-manifest.json)", "Published: April 22, 2025", "Severe humanitarian suffering from global crises and conflicts; increasing scale and complexity impacting frontline states, especially in developing areas.", "Concern over tightening global aid budgets amid escalating needs and potential delays in delivery of critical assistance.", "Recommendations:", "Global growth:", "Risks from tariff hikes and trade policy shifts:", "Financial and inflation impacts:", "Domestic policymaking is the first line of defense.", "Fiscal policy guidance:", "Monetary policy guidance:", "Structural reforms:", "Welcome IMF commitment to its core mandate as the center of the Global Financial Safety Net (GFSN) and support for the Managing Director’s Global Policy Agenda.", "Calls to action:", "Support for IMF reviews and enhancements:", "Special Drawing Rights (SDR) concerns:", "EMDE vulnerabilities:", "Recommendations:", "Progress noted on WBG Evolution Roadmap:", "Key deliverables and actions urged:", "Expected outcome:", "Additional requests:", "IDA21:", "MDB reform priorities:", "Ongoing challenges:", "Commendations and calls:", "Need to accelerate climate action with expedited financial commitments.", "Principles and priorities:", "Financing and instruments:", "Event:", "Emphasis on domestic resource mobilization and multilateral cooperation on tax reforms and trade policies.", "Support and engagement:", "Meetings:", "Chair and Vice-Chairs:", "Special guests and senior attendees included:", "Press contact:", "[Argentina and the IMF](http://www.imf.org/external/country/ARG/index.htm)", "[South Africa and the IMF](http://www.imf.org/external/country/ZAF/index.htm)", "[Communiqués](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)" ], "alternates": { "markdown": "/en/news/articles/2025/04/22/cm042225-intergovernmental-group-of-twenty-four-on-international-monetary-affairs-and-development/index.md", "json": "/en/news/articles/2025/04/22/cm042225-intergovernmental-group-of-twenty-four-on-international-monetary-affairs-and-development/index.json", "bundleManifest": "/en/news/articles/2025/04/22/cm042225-intergovernmental-group-of-twenty-four-on-international-monetary-affairs-and-development/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T03:47:29.504Z" }