Press Briefing Transcript: Intergovernmental Group of Twenty-Four (G24), Spring Meetings 2026

IMF News, April 15, 2026

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Numerous political crises and conflicts have significantly impacted affected populations and further strained the fragile global economy.
Ongoing conflicts in the Middle East have disrupted supply chains, including energy markets, producing:
- Increased current account pressures for oil‑importing countries.
- Inflationary pressures that may undermine recent progress on inflation.
- Rising interest rates and exchange rate vulnerability that may escalate borrowing costs and intensify debt vulnerabilities for EMDEs (emerging market and developing economies).
- Tighter financial conditions and heightened risk aversion that could reduce the flow of private capital.
Emphasis on diplomatic conflict resolution, international collaboration for de‑escalation and cessation of violence, and initiatives for recovery and reconstruction in affected regions.

Central banks in G‑24 jurisdictions face a difficult balancing act between containing inflation and avoiding harm to economic transformation:
- Those with sufficient buffers and rules‑based monetary management are in a stronger position.
- Supply‑side driven oil price shocks do not respond well to monetary policy; data‑dependent approaches are recommended.
Key guidance:
- Central banks should behave prudently and carefully calibrate policy to steer economies through the energy crisis and geopolitical tensions.
- Avoid prematurely raising interest rates to the point of damaging economic transformations, but also avoid allowing overly lax monetary conditions that could undermine stability.

Transmission differs by country:
- Oil‑producing countries (e.g., Ecuador, Nigeria) may receive fiscal and external account improvement from higher oil prices, creating space for public investment if managed responsibly.
- Oil‑importing countries face escalated costs and current account pressures.
Recommended fiscal approach:
- Use buffers where available.
- Prioritize targeted and temporary relief for the poor and most vulnerable instead of reinstating generalized subsidies.
- For oil exporters, reaffirm commitment to sustainable macroeconomic policies and consider hedging mechanisms (example cited: Ecuador hedging oil revenues).

IMF:
- Ongoing reviews and reforms welcomed (quota realignment, Financial Sector Assessment Program, Comprehensive Surveillance Review).
- Quota realignment should be expedited and reflect members' relative weights without disadvantaging EMDEs and low‑income countries.
- IMF should provide evenhanded advice and focus on macroeconomic and macro‑critical issues, with intensified surveillance and attention to spillovers from systemically important countries.
- Central role in the Global Financial Safety Net is crucial; recent reforms to better support EMDEs are appreciated but gaps remain in affordable short‑term and crisis liquidity access.
World Bank Group:
- Emphasis on accelerated job creation, infrastructure, and innovative financing is fundamental.
- The Bank should fully leverage its balance sheet to boost lending capacity and collaborate with multilateral, regional, and national development banks and domestic non‑banking institutions.
- Priorities: mobilizing private sector investment, deepening domestic capital markets, de‑risking private investment, mitigating currency risks, increasing access to credit for micro, small, and medium‑scale enterprises.
- Resolve outstanding issues in the 2020 Shareholding Review to address misalignments, strengthen voice and representation, and enhance legitimacy.

Persistent financing gaps and net outflows for developing countries:
- Debt servicing in 2024 of the developing countries was about $163 billion.
- Overseas development assistance was about $47 billion.
- Debt servicing outflows outweighed inflows (including ODA and FDI), increasing vulnerability.
Policy implications:
- Multilaterals should step up liquidity support, offer risk management tools to lower financing costs, and strengthen crisis prevention and response capabilities.
- Debt initiatives (Common Framework) show progress but require reforms for broader participation and engagement with credit rating agencies.
- More action needed to bring down borrowing costs, including considerations of IMF surcharge policies.

Calls for accelerated global climate action covering adaptation, mitigation, loss and damage, and biodiversity, supported by financial innovation and multilateral cooperation.
Equitable energy transitions and effective domestic resource mobilization are essential for sustainable development.
Multilateral tax reform cooperation is highlighted as important for mobilizing domestic resources.

Emerging technologies (AI, blockchain, cryptocurrency) are seen as critical to future economic trajectories:
- Technology—including AI—will be central to domestic resource mobilization through automation and digitization, supporting revenue mobilization and tax administration.
- Concern that AI could exacerbate inequality before benefits are fully realized.
Trade:
- Recent retreat from a rules‑based global trading system has led to fragmentation, bilateralism, and supply‑chain breakdowns.
- Policy focus is shifting toward ramping up domestic production and regional integration (example: West Africa and the 1.3 billion‑strong African continent).
- G‑24 communiqué expresses concern about protectionist policies and unilateral sanctions and calls for WTO‑centered multilateral trade policy.

Press Briefing Transcript: Intergovernmental Group of Twenty‑Four (G24), Spring Meetings 2026