Tunis:The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has urged the International Monetary Fund (IMF) and the World Bank to implement reforms aimed at bolstering developing economies. He emphasized the need for these changes in his presentation of the Group of Twenty-Four (G24) 2026 annual meeting communiqué.
According to News Agency of Nigeria, Oyedele highlighted several global challenges, including geopolitical conflicts, trade uncertainties, volatile commodity prices, and climate shocks, which are hindering global economic growth. He pointed out that these issues disproportionately impact emerging markets and developing economies, thereby obstructing job creation and inclusive transformation efforts.
The minister advocated for the IMF to review its quota system to better represent members’ economic standings, emphasizing the protection of developing countries’ representation. He also recommended that IMF programs safeguard social spending and investment, while avoiding significant adjustments that could hinder economic recovery.
Further, Oyedele called for coordinated debt restructuring, increased transparency, and improved credit-rating assessments to manage rising debt vulnerabilities. On the topic of climate finance, he stressed the importance of equitable climate action and recommended that development banks mobilize at least $300 billion in private finance annually by 2035.
Additionally, he urged stronger international tax cooperation to combat profit-shifting, tax avoidance, and illicit financial flows. Oyedele concluded by stating that restoring confidence in the global economy necessitates a multilateral system that respects national sovereignty and adheres to the principles of the United Nations Charter.