A joint international push is needed to bring back peace, stability, and rebuild lives for those affected by ongoing crises worldwide, as urged by the Intergovernmental Group of Twenty-Four (G‑24).
In a statement released by the International Monetary Fund (IMF) Press Centre following the 111th G-24 meeting of Ministers, Central Bank Governors, and Deputies in Washington DC, the call for action was made.
The G-24, serving as a platform for developing nations to align on global monetary and development finance matters, highlighted the deep human suffering caused by various crises globally, be it conflict, natural disasters, violence, or other disasters.
Noting the toll on both individuals and communities, the group voiced concerns about ongoing vulnerabilities in the global economic arena, particularly in Emerging Markets and Developing Economies (EMDEs) and Low‑Income Countries (LICs).
Despite the anticipated recovery and steady growth in Advanced Economies (AEs) and EMDEs, the G-24 emphasized the heightened challenge in achieving sustainable and inclusive development by 2030.
Calling for harmonized efforts, the G-24 urged all international stakeholders, with a special mention of multilateral bodies, to collaborate and intensify initiatives to expedite progress.
Furthermore, the G-24 pointed out the rapid integration of artificial intelligence and digitalization, highlighting the potential benefits and risks, particularly in labor-centric sectors in EMDEs and LICs.
Geopolitical conflicts were also cited as a source of concern due to their disruption of supply chains, leading to adverse effects on economic activities.