G24, a group of developing countries has called on the International Monetary Fund to increase the representation of sub-Saharan Africa on its executive board.
This call was made at the ongoing spring meeting of the Bretton Woods Institution in Marrakesh, Morocco, by the Minister of Economy and Finance, Côte d’ Ivoire, Adama Coulibaly, who spoke on behalf of the group.
He also reaffirmed the G24 support for the fundamental goals of eradicating extreme poverty and fostering shared prosperity while assisting developing nations in achieving Sustainable Development Goals.
The G-24 was established in 1971. Its goal is to work together to coordinate the positions of developing countries on international monetary and development finance issues.
He said, “The issue of votes and representativeness at the Bretton Woods Institution has been an issue for several months. What we at the G24 believe is that we should have more representation. We never wanted this increase to be at the expense of votes from another region, but there are existing principles, and we simply express our concerns, and our wishes, and, of course, there should be some fair redistribution. Now, should that happen at the expense of existing votes of other regions, that was not what we were after, but what we are saying is there should be a representation in line with the number of countries and indeed the challenges facing the Bretton Woods Institution because there are many of us, and we will also need to express our voices so that our concerns are taken on board at the institution.”
G24 observed that beyond climate change, conflict, fragility, and pandemic preparedness and prevention, the World Bank Group must raise its support for initiatives such as access to affordable water and energy, human capital development, digital advancement, and debt sustainability.
“Now, I do not want to dwell on this, but there is such thing as climate pressure and our position on climate is, well, yes, we should all address the effects of climate change, but we should not ignore the fact that we have important issues at home, in particular, financing issues, debt issues, and so, therefore, that has to be taken on board. In other words, the climate issues should not leave behind the entire issue of fighting poverty and development issues,” he said.
On the mounting debts and its destabilising effects on the developing countries, G24 called for immediate global actions to assist developing countries in managing their escalating debt vulnerabilities.
“We noted the experience of countries under the G 20 Common Framework, but we also called on debt cancellation for the most vulnerable and poor countries, most of whose debt is owed to the multilateral development banks and the IMF. We caution that it is a debt crisis that could stifle sustainable and inclusive growth,” he stated.
Speaking on climate measures, the group called on all nations to fulfill their nationally determined contributions in line with the Paris Climate Agreement and to enhance climate financing, including for mitigation, adaptation, and loss and damage.
The group lends its support to the United Nations General Assembly resolution on the inclusive and efficient tax reform initiative amid worrying trade protectionism.
“We express apprehension about the mounting trade protectionism and the sluggish pace of reforms in the global trading system. We encourage bolstering the World Trade Organization in designing a resilient multilateral trade system that benefits all parties and reinforces the role of trade in the global economy,” the group stated.
