The Intergovernmental Group of Twenty-Four (G-24) convened its 114th meeting in Washington, D.C. on October 14, 2025, focusing on a range of issues affecting emerging markets and developing economies (EMDEs). The meeting was chaired by Pablo Quirno, Secretary of Finance of Argentina, with Olayemi Michael Cardoso, Governor of the Central Bank of Nigeria, as First Vice-Chair, and Muhammad Aurangzeb, Minister of Finance of Pakistan, as Second Vice-Chair.
The G-24 expressed concern about the humanitarian impact of global conflicts and called for an end to hostilities. The group highlighted the importance of international law and the peaceful settlement of disputes, emphasizing the connection between peace and development. The statement noted, "The international community must stay engaged in conflict and fragile states, honor existing commitments, and provide support for recovery, reconstruction, and long-term development." The group also called for support to countries hosting refugees and those affected by displacement crises.
The ministers discussed the ongoing challenges faced by EMDEs due to recent global shocks. They noted that global growth remains below pre-pandemic levels, with trade tensions and policy uncertainty creating medium-term challenges. Inflation persists despite easing trends, and risks remain from policy uncertainty that could hinder disinflation efforts.
Emerging markets are facing pressures from deteriorating terms-of-trade, reduced exports, and declining foreign currency earnings. The G-24 stated that domestic policies have been important in containing inflation risks but emphasized the need for continued central bank independence to maintain monetary policy credibility. The group highlighted limited policy space and rising debt as reasons for urgent collective action supported by multilateral institutions.
Support from the International Monetary Fund (IMF) was described as crucial for EMDEs. The G-24 urged members to complete the 16th General Review of Quotas (GRQ) to strengthen IMF lending capacity and suggested considering regular issuance of Special Drawing Rights (SDRs) to support EMDEs and low-income countries. The statement said, "We urge members to advance their domestic processes to ensure the timely completion of the 16th General Review of Quotas (GRQ)."
On quota realignment, the G-24 noted delays and supported the IMFC Chair’s 2025 Diriyah Declaration guiding future discussions. They called for quota realignment that reflects members' economic weight while protecting shares of all EMDEs, including the poorest nations. The group urged improved regional representation at IMF meetings.
The World Bank Group's (WBG) Evolution Roadmap was welcomed by the G-24, particularly its focus on job creation and private sector development. Ministers encouraged further progress in mobilizing local resources, infrastructure investment, and improving conditions for small and medium enterprises. They called for prompt action on reforms aimed at increasing lending capacity and enhancing loan affordability.
The ongoing Shareholding Review at the International Bank for Reconstruction and Development (IBRD) was described as an opportunity to improve representation of developing countries while protecting voting power for smaller economies.
Multilateral Development Banks (MDBs) were recognized as key providers of long-term public finance for development. The G-24 commended the G20 South Africa Presidency's engagement with MDB reform efforts and stressed the importance of coordinated progress across institutions.
Debt burdens continue to challenge long-term development prospects in many countries. The G-24 supported improvements in debt treatment frameworks and called for broader reforms focused on fiscal sustainability, concessional financing, debt management, transparency, and better country risk assessments by credit-rating agencies.
On climate action, ministers advocated for equitable commitments tailored to national circumstances and highlighted priorities such as loss and damage response, biodiversity protection, technology transfer, and just transitions in energy use. They called on developed countries to meet existing commitments ahead of COP30 climate talks.
Strengthening domestic resource mobilization and curbing illicit financial flows were identified as essential steps toward sustainable development financing. The G-24 urged donors to reverse declining Official Development Assistance (ODA) trends and honor commitments made under international agreements.
The group noted that multilateralism is under strain but remains essential for global economic growth, energy security, climate action, and poverty reduction. Closer collaboration among organizations like the World Trade Organization (WTO), Bretton Woods institutions—including the IMF—and national governments was seen as critical for maintaining stability.
Special guests at the meeting included Kristalina Georgieva, Managing Director of the International Monetary Fund; Anna Bjerde, Managing Director of Operations at the World Bank Group; Hanan Morsy from the United Nations Economic Commission for Africa; along with various observers from international organizations.
The meeting was preceded by a session of deputies chaired by Candelaria Alvarez Moroni from Argentina’s Ministry of Economy.