G-24: Oyedele Calls For IMF, World Bank Reforms To Strengthen Developing Economies

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for comprehensive reforms of the International Monetary Fund (IMF) and World Bank to strengthen developing economies.

Oyedele made the call while presenting the Group of Twenty-Four (G-24) 2026 annual meeting communiqué in Bangkok, Thailand, on the sidelines of the World Bank/IMF Annual Meetings.

He said geopolitical conflicts, trade uncertainties, volatile commodity prices and climate shocks are threatening global economic growth.

According to him, the challenges disproportionately affect emerging markets and developing economies, undermining efforts to create jobs and achieve inclusive transformation.

IMF Quota, Social Spending

Oyedele urged the IMF to review its quota system to reflect members’ current economic positions and protect developing countries’ representation.

He also called for IMF-supported programmes to protect social spending and investment, while avoiding excessive adjustments that could undermine economic recovery.

On debt, the minister called for coordinated debt restructuring, greater transparency and improved credit-rating assessments to address rising debt vulnerabilities.

Climate Finance And Tax

On climate finance, he called for equitable climate action and urged development banks to mobilise at least 300 billion dollars in private finance annually by 2035.

He argued that stronger international tax cooperation would curb profit-shifting, calling for an end to tax avoidance and illicit financial flows.

The Minister noted that restoring confidence in the global economy required a multilateral system that respected national sovereignty and the principles of the United Nations Charter.