The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development convened in Washington, D.C. on April 22, 2025, under the chairmanship of Pablo Quirno from Argentina. The meeting focused on a series of pressing global economic and humanitarian issues, emphasizing the need for coordinated international efforts.
The G-24 expressed concern over "the severe humanitarian suffering caused by global crises and conflicts," noting that these situations have intensified pressures on developing nations. They urged the international community to continue aid commitments amid tightening global budgets, emphasizing that "predictable, needs-based, and principled humanitarian support is essential."
Addressing the uncertain global economic outlook, the group pointed to geopolitical tensions and trade conflicts, potentially disrupting Emerging Markets and Developing Economies (EMDEs). "Tariff hikes would likely lower real wages and disrupt global supply chains," exacerbating challenges for low-income countries reliant on imports.
On domestic policies, the G-24 highlighted fiscal policies as a critical first line of defense. They advised nations to "safeguard fiscal sustainability and rebuild buffers," with central banks needed to adjust policies based on economic data. The group acknowledged the importance of structural reforms to enhance productivity and growth.
The commitment of the International Monetary Fund (IMF) to its core mandate was welcomed, as the organization prepares to implement the Managing Director’s Global Policy Agenda. The G-24 called for accelerated progress on quota increases, emphasizing the need for "confidence in multilateralism by continuing dialogue on quota reforms."
The group noted that recent IMF reviews could increase support for member countries, emphasizing the importance of addressing economic challenges in fragile states. They called for innovative solutions to leverage Special Drawing Rights (SDR) for global challenges like "the goals of the Global Alliance against Hunger and Poverty."
In terms of financial safety, the G-24 identified vulnerabilities in EMDEs with limited access to crisis liquidity, advocating for enhanced crisis prevention and response capabilities. They urged the IMF to intensify "surveillance, technical assistance, and policy advice on internal and external stability."
From a development perspective, the G-24 recognized the World Bank Group’s (WBG) initiatives, such as the Guarantee Platform and Climate Resilient Debt Clause, as essential tools to tackle poverty and inequality. They called for continued focus on the WBG’s core missions, particularly in fragile states.
Additionally, the G-24 stressed the importance of prompt action on sustainable debt practices amid high global debt burdens. They encouraged improvements to the Common Framework for predictable and coordinated debt resolutions.
Regarding climate action, the group called for "expedited financial commitments" to support national adaptation priorities, urging developed countries to fulfill climate finance pledges. They anticipate the 30th Conference of Parties as a pivotal moment for enhanced multilateral cooperation.
Finally, the G-24 advocated for strengthened multilateral cooperation on tax reforms and trade policies, acknowledging the importance of a "fair, open, and transparent multilateral trading system" centered around the World Trade Organization.