G24 has urged the International Monetary Fund (IMF) to increase the representation of sub-Saharan Africa (SSA) on its executive board.
Speaking at the ongoing spring meeting of the Bretton Woods Institution in Marrakesh, Morocco, Minister of Economy and Finance, Côte d’ Ivoire, Adama Coulibaly, who spoke on behalf of the group, also reaffirmed the G24 support for the fundamental goals of eradicating extreme poverty and fostering shared prosperity while aiding developing nations in achieving Sustainable Development Goals .
G24 noted that beyond climate change, conflict, fragility, and pandemic preparedness and prevention, the World Bank Group must amplify its support for initiatives such as access to affordable water and energy, human capital development, digital advancement, and debt sustainability. “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.
“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.
President Bola Tinubu has assured that his administration is committed to learn from the expertise of the Institute of Chartered Accountants of Nigeria for a better Nigeria.
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