The Intergovernmental Group of Twenty-Four (G-24), comprising major emerging economies from Africa, Asia, and Latin America, concluded its 2025 Spring Ministerial Meetings in Washington, D.C., with a united call for strengthened international collaboration to combat the challenges posed by global economic fragmentation and the resurgence of protectionist trade policies.
The high-level plenary session was attended by Ministers and Central Bank Governors from member countries, including Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun; Pakistan’s Minister of Finance, Mr. Muhammad Aurangzeb; and Secretary of Finance for Argentina, Mr. Pablo Quirno, who chaired the session. Also in attendance were Director and Head of the G-24 Secretariat, Dr. Iyabo Masha, along with representatives from the International Monetary Fund (IMF) and the World Bank.
In the communique issued at the end of the meetings, the Group expressed deep concern over the adverse effects of escalating tariffs and trade restrictions on developing economies. These economies, the G-24 emphasised, are particularly exposed due to limited diversification and reliance on imported inputs, which in turn threaten to lower real wages, disrupt supply chains, and fuel inflation.
Delegates warned of growing financial market instability, citing rising bond yields, volatile capital flows, and depreciating currencies across several emerging markets. The G-24 urged the IMF and the World Bank to step up coordinated efforts to stabilise the global economic outlook, reduce geopolitical tensions, dismantle trade barriers, and mitigate negative spillover effects from the policies of systemically important economies.
With access to affordable crisis financing becoming increasingly constrained, the Group called for an enhancement of global financial safety nets. It specifically urged the IMF to bolster its crisis prevention tools, strengthen its surveillance capacity, and support member nations facing liquidity pressures.
Domestically, the G-24 Ministers stressed the need for sound fiscal management, improved resource mobilisation, and innovative financing strategies. They also highlighted the importance of prudent monetary and exchange rate policies, along with robust banking regulations, to maintain macroeconomic and financial stability.
As global trade tensions persist, the Group encouraged its members to prioritise long-term economic strategies centered on structural reforms, technological advancement, and diversification to reduce dependence on exports and build resilience.
