G-24 raises concern over global humanitarian suffering
The Group of 24 Countries (G-24), has expressed concern over the escalating humanitarian suffering due to crises in various parts of the globe.
The Chairman, Mr Pablo Quirno, said this at a news briefing at the ongoing Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington D.C on Tuesday.
“We are concerned about the increasing scale and complexity of these crises, as their associated challenges continue to exert significant pressure on frontline states, especially in developing areas.
“We note the tightening of global aid budgets amid escalating needs, and the potential impact of delay in the delivery of critical assistance.
“Predictable, needs-based, and principled humanitarian support is essential for restoring stability, preserving development gains, and enabling early recovery,” he said.
Quirno said that the group had called for the sustainability of aid to the affected regions of the world, in spite of the severe effects of aid cuts by donor nations.
“We urge the international community to maintain existing aid commitments and uphold the integrity of humanitarian action, and for multilateral support to aid recovery, reconstruction, and long-term development.”
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said that the global economy was facing a period of uncertainty, a situation he said made the work of the IMF and World Bank more crucial than ever.
“I think globally we are facing a period of volatility and uncertainty and as such, the Bretton Woods institutions are crucial in providing the safety- net and the channels of communication that remain open among the different countries that participate in those institutions.
“If anything, at this time of heightened global uncertainty, what we have heard from them is that they stand ready, willing and capable to encourage good policy making.
“They also encourage resilience, and effectively stay the course for those who are actually on the path that will take them further along the road to growth, development, and adoption,” Edun said.
The G-24 in its report, said that the global economic outlook was uncertain because of increasing geo-political tensions and trade conflicts arising from sudden shifts in trade policies in major economies.
“Global growth is expected to moderate in 2025 and remain steady in 2026, but at a level that is not sufficient to accelerate progress towards sustainable economic development.
“Tariff hikes would likely lower real wages and disrupt global supply chains. Such tariff increases could disproportionately impact Emerging Markets and Developing Economies (EMDEs) and Low-Income Countries (LICs), given their limited diversification and greater dependence on imported inputs.
“The impact of tariff measures on inflation remains uncertain. Many EMDEs have experienced rising bond yields, capital flows reversals, and depreciating currencies following tariff hikes.
“Tighter financial conditions can exacerbate external, fiscal, and debt vulnerabilities, jeopardising financial stability and hindering economic progress,” according to the report.
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