Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development
IMF News, April 14, 2026
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- Published: April 14, 2026
Communiqué — Key findings and concerns
- Deep concern about multiple political crises and conflicts around the world, with regret for the tragic loss of innocent lives.
- The war in the Middle East is causing deterioration in the well‑being of affected populations and damage to civilian infrastructure, with significant toll on an already weak global economy and particularly devastating effects on emerging market and developing countries.
- Call for concerted international efforts toward cessation and avoidance of violence; de-escalation, recovery and reconstruction.
- Emphasis on upholding a rules-based international system, grounded in respect for national sovereignty and the principles of the UN Charter.
Global economic outlook and risks
- Following a period of tepid but resilient growth, global economic conditions are deteriorating sharply, driven by disruptions to global supply chains, including energy markets, in the wake of the ongoing war in the Middle East.
- Global growth is now projected to decline in 2026, relative to 2025.
- If disruption is sustained:
- Core and non-core inflation could increase, driven by higher energy, food, and fertilizer prices, as well as rising supply chain costs.
- Potential spillovers to a wide range of economic activities could erode recent progress on disinflation.
- Potentially rising interest rates and exchange rate pressures may further increase borrowing costs, exacerbating existing vulnerabilities in EMDEs.
- Tighter financial conditions and heightened risk aversion could reduce private capital flows to EMDEs.
- The G-24 highlights the critical importance of safeguarding international maritime routes and urges cessation of attacks on energy infrastructure.
- Notes the initiative by the OPEC Declaration of Cooperation (DoC) countries to ensure continued availability of oil supplies, particularly through alternative export routes, contributing to reducing oil price volatility.
Policy implications for EMDEs and multilateral support
- Domestic policy measures focused on fiscal and monetary stability are critical to strengthen resilience and preserve macroeconomic stability.
- Traditional approaches such as contracting domestic demand or allowing currency depreciation may prove insufficient to absorb shocks from deteriorating external conditions.
- Multilateral approaches, support and increased development assistance remain vital for vulnerable countries.
- Calls for heightened vigilance from policymakers in the current environment.
Global Financial Safety Net and IMF governance
- Need for a strong Global Financial Safety Net, with an adequately resourced and quota-based IMF at its center.
- Calls on members to advance the timely completion of the 16th General Review of Quotas (GRQ).
- Welcomes agreement on the Diriyah Guiding Principles for Quota and Governance Reforms as an important milestone.
- Calls for timely and meaningful progress in ongoing work on the 17th GRQ, consistent with the Diriyah Guiding Principles.
- Reiterates that the fundamental goal of quota reform must be to enhance the voice and representation of all EMDEs while ensuring quota shares reflect changes in relative economic weights; quota shares of the poorest members must be protected.
- Urges the IMF to remain a trusted advisor and to deploy all its tools to assist membership given the scale and breadth of conflict impacts.
IMF operational recommendations and program design
- Calls for the Fund to be proactive and agile through vigilant monitoring, timely spillover assessments, and robust scenario analysis.
- Requests flexibility in program engagement, with well-timed program recalibration or adjustments as needed.
- Looks forward to outcomes of reviews of:
- Low-Income Countries Debt Sustainability Framework (LIC-DSF)
- Financial Sector Assessment Program
- Program Design and Conditionality Reviews
- Comprehensive Surveillance Review
- Calls for early review of:
- Charges and surcharges policy
- Resilience and Sustainability Trust
- Catastrophe Containment and Relief Trust
- Highlights importance of strengthening precautionary instruments and reiterates past call for IMF to explore a mechanism for the regular issuance of SDRs to more effectively support all EMDEs.
- Welcomes progress in securing financing assurances to provide additional Poverty Reduction and Growth Trust subsidy resources, and urges countries that have not delivered on financing assurances for the implementation of the General Resources Account distribution framework approved under the 2024 reforms to do so promptly.
World Bank Group (WBG) priorities and financing tools
- Welcomes WBG focus on accelerated job creation, job‑intensive sectors, infrastructure, and innovative financing.
- Recognizes differentiated approaches for fragile and conflict‑affected states and welcomes recognition of industrial policy as a legitimate policy tool for developing countries.
- Calls for the Bank to use the strength of its balance sheet to the fullest extent possible to boost lending capacity while carefully balancing increased risk tolerance with preservation of financial sustainability and credit rating.
- Calls for faster progress on initiatives critical to mobilizing additional lending capacity at affordable cost, including:
- Framework for Financial Incentives
- Hybrid capital
- Portfolio guarantees
- Encourages collaboration with multilateral, regional, national banks and domestic nonbanking financial institutions to:
- Mobilize private sector investment
- Deepen domestic capital markets
- De-risk private investment and mitigate currency risks
- Increase access to credit for Micro, Small, and Medium Enterprises
WBG governance and shareholding
- Reaffirms importance of the 2025 Shareholding Review to strengthen legitimacy and good governance of the WBG.
- Reiterates the Lima Principles and the dynamic formula.
- Welcomes discussion on unallocated shares after the deadline for the current capital subscriptions for the 2018 IBRD and IFC General Capital Increase and Selective Capital Increase expires on 16 April 2026.
- Looks forward to progress on outstanding items including unallocated shares, measures to enhance voice and representation of developing countries, and preparations for the 2030 Shareholding Review ahead of the 2026 Annual Meetings in Bangkok.
Debt vulnerabilities and international debt architecture
- Continued support for developing countries in managing worsening debt vulnerabilities and avoiding a debt crisis is crucial.
- Welcomes progress in implementation of the G20 Common Framework (CF) for Debt Treatments beyond the Debt Service Suspension Initiative, and the Global Sovereign Debt Roundtable.
- Calls for predictable, timely, orderly, and coordinated sovereign debt treatments with participation of private creditors.
- Calls for additional reforms to the international debt architecture to:
- Promote sustainable debt management practices
- Enhance debt transparency
- Improve country‑risk assessments by credit rating agencies
- Encourages IMF and WBG support to strengthen countries’ debt management capacity.
- Calls for enhanced debt management frameworks, strengthened reporting standards and debt data compilation, institutional mechanisms for crisis prevention and response, including:
- Support for vulnerable countries with sustainable debt positions facing short-term liquidity shocks
- Use of gold sales to bolster IMF capacity
- Closer coordination between the IMF and Regional Financing Arrangements
Climate finance, adaptation, and equity principles
- Reaffirms that commitment to accelerate implementation and cooperation to address the impact of climate change should continue to be guided by principles of equity and common but differentiated responsibilities and respective capabilities, as enshrined in the United Nations Framework Convention on Climate Change and its Paris Agreement.
- Tackling emissions from all sources requires major investment in:
- Sustainable infrastructure
- Mitigation
- Adaptation
- Loss and damage
- Protection and restoration of biodiversity
- Calls for scaled-up, sustained and affordable long-term financing, especially grant financing, technology transfer, and enhanced technical assistance from developed countries to developing countries.
- Encourages use of country platforms to support energy transition pathways and emphasizes need for greater technical support from IFIs and Development Partners to mobilize greater amounts of grants and more affordable and concessional climate finance.
- Urges donors to honor existing pledges aligned to the New Collective Quantified Goal of $300 billion per year by 2035.
International tax, ODA, and capacity development
- Calls for reform of international tax rules and practices such as profit shifting and illicit financial flows that deprive developing countries of revenue.
- Notes progress on the United Nations Framework Convention on International Tax Cooperation and the OECD Inclusive Framework and looks forward to a solution that delivers meaningful and sustainable revenues, particularly for EMDEs.
- Urges donors to reverse the trend of declining Official Development Assistance (ODA) and to honor their commitments and increase support in light of rising needs.
- Calls on the IMF and World Bank to continue providing support to EMDEs through capacity development and technical assistance to implement and benefit from new frameworks.
Trade, multilateralism, and governance
- Acknowledges that unilateral trade actions—including tariffs, sanctions, secondary sanctions, nontariff barriers, and other protectionist policies inconsistent with WTO rules—have extraterritorial impacts that hinder global trade and integration.
- Calls for a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable, and transparent multilateral trading system.
- Emphasizes enhanced cooperation among multilateral institutions and member-states to promote a consistent and coordinated approach to multilateralism.
- Stresses that inclusive membership of multilateral governance and agenda-setting bodies like the G20 remains paramount.
List of participants and meetings
- Ministers of the Intergovernmental Group of Twenty-Four held their one hundred and fifteenth meeting in Washington, D.C. on April 14, 2026.
- Chair: Olawale Edun, Minister of Finance and Coordinating Minister of the Economy, Nigeria.
- First Vice-Chair: Muhammad Aurangzeb, Finance Minister, Pakistan.
- Second Vice‑Chair: Sariha Moya, Minister of Economy and Finance, Ecuador.
- Deputies met on April 13, 2026, for the one hundred and twenty‑seventh meeting of the Deputies of the Group of Twenty-Four.
- Chair of Deputies meeting: Raymond Omenka Omachi, Permanent Secretary, Federal Ministry of Finance, Nigeria.
- Participants included named representatives from African Group, Asian Group, Latin American Group, Observers, Special Guests, G-24 Secretariat, and IMF Secretariat for the G-24, with persons who sat at the discussion table listed in the communiqué.
Communiqué of the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, April 14, 2026.