**Marrakech, Morocco -** The G-24, a consortium of developing economies, including Nigeria, has intensified its plea for debt relief at the ongoing meeting of the International Monetary Fund (IMF) and World Bank in Marrakech.
Expressing concerns over the rising levels of public debt in many developing countries, G-24 members highlighted the challenges posed by unsustainable debt, hindering their ability to meet repayment obligations.
While acknowledging the G-20 Common Framework, a debt relief initiative, the G-24 argued that some of the world’s poorest and most vulnerable countries were not benefiting from this program. Consequently, they urged for a tailored debt resolution to address the debt problems of these excluded nations, emphasizing the need for a comprehensive and sustainable solution to alleviate the burden and foster economic growth.
Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, conveyed the G-24’s stance at the Africa Group 1 Constituency Meeting during the IMF/World Bank gathering. Edun stressed the importance of an efficient debt resolution framework to support post-pandemic recovery. He also applauded Zambia’s debt restructuring agreement and called for swift resolution mechanisms for Ethiopia and Malawi.
In addition to debt relief, the G-24 members advocated for increased concessional lending, especially for investments in global public goods and sustainable development, such as affordable water and energy. Edun also urged the elimination of export restrictions on fertilizer and grains, discouraging protectionist policies and leveraging normalized supply chains and shipping costs to revitalize global trade.
During the G-24 meeting, Edun and his counterparts expressed concern about the progress on the IMF general quota review. The IMF general quota is a monetary contribution made by each member country, determining their financial and voting power in the institution based on factors like GDP, openness to trade, and international reserves.
The finance ministers reiterated their call for the IMF to remain a quota-based institution, aiming to enhance the voice and representation of emerging market and developing economies, which now contribute significantly to the world GDP.
