## Press Briefing Transcript: G-24, Annual Meetings (October 16, 2025)

_IMF News, October 16, 2025_

## Source details

**Canonical URL:** [Press Briefing Transcript: G-24, Annual Meetings (October 16, 2025)](https://www.imf.org/en/news/articles/2025/10/16/tr-10142025-g24-transcript-annual-meetings-2025)

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## Bibliographic details
- Published: October 16, 2025

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### 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.*

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## References

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_Source: https://www.imf.org/en/news/articles/2025/10/16/tr-10142025-g24-transcript-annual-meetings-2025_