TUE OCT 13 2026-theGBJournal| Nigeria’s Finance Minister Taiwo Oyedele chaired a meeting of the Group of 24 developing economies on Tuesday, where ministers called for more responsive international financial policies, stronger debt restructuring mechanisms and increased climate financing for vulnerable countries.
The meeting of the Ministers was preceded on October 12, 2026, by the one hundred and twenty‑eighth meeting of the Deputies of the Group of Twenty-Four, with Raymond Omenka Omachi, Permanent Secretary, federal Ministry of Finance, Nigeria, as Chair.
The 116th meeting of the Intergovernmental Group of 24 on International Monetary Affairs and Development, held in Thailand during the International Monetary Fund and World Bank annual meetings, focused on the economic pressures facing emerging markets and developing economies.
The group called for greater flexibility in IMF policies and programmes, urging the Fund to respond more effectively to countries’ economic challenges and development priorities while accounting for differing national circumstances.
Ministers said debt vulnerabilities remained a major obstacle to inclusive growth, welcoming reforms to debt sustainability assessments and initiatives aimed at improving coordination among creditors and strengthening sovereign debt restructuring.
The G-24 also stressed the need for increased climate financing, calling for the full and timely delivery of at least $300 billion annually by 2035 in climate finance, with developed countries taking the lead. It urged a significant increase in funding for climate adaptation.
On global economic risks, the ministers cited the damaging effects of armed conflicts and extreme weather events, particularly on developing economies, and called for concerted international efforts to end violence, de-escalate conflicts and mitigate their economic and financial consequences.
The group welcomed the World Bank’s continued focus on agriculture, energy and social protection under its 2030 targets, describing the priorities as critical to poverty reduction, job creation and economic resilience.
It also backed discussions on industrial policy as a tool for structural transformation.
On climate policy, ministers emphasised equity and the principle of common but differentiated responsibilities, arguing that climate transition strategies must reflect countries’ differing capabilities and development needs.
They welcomed stronger consideration of climate risks in debt sustainability assessments but cautioned that the changes might not adequately address developing countries’ financing needs for adaptation, mitigation, loss and damage, biodiversity protection and resilient infrastructure.
Oyedele chaired the ministerial meeting, while Nigeria’s Finance Ministry Permanent Secretary, Raymond Omenka Omachi, chaired the G-24 deputies’ meeting on October 12.
Pakistan’s Finance Minister Muhammad Aurangzeb served as first vice-chair, while Bernardo Acosta, Ecuador’s alternate executive director at the IMF, was second vice-chair.
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