The Annual Meetings of the IMF and the World Bank are currently taking place in Washington, bringing together representatives from the G24 countries, including African nations such as Algeria, Côte d’Ivoire, Gabon, Ghana, South Africa, the DRC and Morocco. The focus of the discussions is on critical issues for developing economies, namely financing the consequences of climate change and the heavy debt burden.
The G24 expressed satisfaction with the improvements made to the IMF’s lending instruments, which have reduced borrowing costs for these countries. However, it also expressed expectations of the World Bank, including the need to make investments more affordable to preserve the debt sustainability of the economies concerned.
In the current context of declining official development assistance, the G24 made recommendations aimed at mobilizing more funds, while stressing the importance of cooperation between international financial institutions. It calls for an acceleration of the implementation of the G20 Common Framework, while highlighting the need for more significant debt relief for developing countries.
Furthermore, the G24 proposes better collaboration between the World Bank and multilateral development banks, in order to respond more effectively to the specific needs of these countries. It also suggests that development banks can benefit from Special Drawing Rights (SDRs) to support their actions in favor of economic development and the fight against climate change.
The G24 emphasizes the urgency of concerted action to address the pressing challenges related to climate change, calling for concrete measures and greater financial support at COP29. It stresses the need for concessional loans that will ensure a just and equitable transition towards more sustainable and resilient economies.
In conclusion, the G24 recommendations highlight the importance of enhanced international cooperation to support developing economies in their fight against the effects of climate change and to alleviate their debt burden. These critical issues call for rapid and concerted action by the international community.