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

_IMF News, April 15, 2026_

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## Bibliographic details
- Published: April 15, 2026

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### Global economic and geopolitical context
- 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.

### Monetary policy and central banks
- 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.

### Fiscal policy and energy shocks (oil exporters vs. importers)
- 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).

### Multilateral institutions, IMF, and World Bank roles
- 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.

### Debt, liquidity, and development finance
- 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.

### Climate, energy transition, and domestic resource mobilization
- 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.

### Technology, trade, and development strategy
- 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.

### Key policy recommendations and positions
- Immediate priorities:
  - Intensify diplomatic efforts to de‑escalate conflicts and support recovery and reconstruction.
  - Provide enhanced multilateral liquidity support and strengthen the Global Financial Safety Net to assist vulnerable countries.
  - Expedite IMF quota realignment and continue IMF program and policy evaluations.
  - World Bank to leverage balance sheet and deepen partnerships to mobilize private finance.
  - Use targeted, temporary fiscal relief for vulnerable populations rather than reverting to broad subsidies.
  - Advance debt architecture reforms for broader creditor participation and engagement with credit rating agencies.
  - Accelerate climate finance, equitable energy transitions, and multilateral tax cooperation.
  - Emphasize domestic resource mobilization, automation, and digitization to strengthen fiscal positions.
  - Reinforce commitment to rules‑based trade with the WTO at the center.

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

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