Nigeria's Finance Minister and Chairman of the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, Taiwo Oyedele, has urged for enhanced financing conditions for developing nations. Speaking at a press conference during the ongoing International Monetary Fund (IMF) and World Bank Annual Meetings in Bangkok, Oyedele highlighted the pressing need for faster debt restructuring and stronger international cooperation to combat the mounting debt challenges faced by countries like Nigeria.

Oyedele emphasized that debt vulnerability poses a significant barrier to growth in many developing economies. He called for a more responsive international financial system that can effectively address these vulnerabilities, support economic growth, and ensure that debt obligations do not hinder development priorities. "Debt vulnerability is a major obstacle to growth in many developing countries," he stated, underscoring the necessity for predictable and coordinated approaches to resolving sovereign debt issues.

The G-24 chairman pointed out that high borrowing costs and stringent debt-service obligations are severely limiting the fiscal space available for essential investments in infrastructure, healthcare, and education in developing countries. He stressed the importance of collaboration between creditors and debtors in overcoming these debt challenges.

In addition to addressing debt issues, Oyedele called for reforms within international financial institutions to amplify the voice and representation of developing economies, particularly the most vulnerable nations. He argued that a more representative multilateral system is critical for restoring confidence in the global economy and ensuring that international economic decisions consider the unique circumstances of developing countries.

"Restoring confidence in the global economy requires a multilateral system grounded in respect for national sovereignty and the principles of the United Nations Charter," he added.

Oyedele also addressed the urgent need for increased climate financing for developing nations. He argued that efforts to combat climate change must take into account the economic and social challenges faced by vulnerable populations. He insisted that climate action should not compromise the livelihoods of those in developing countries, especially those already grappling with poverty and food insecurity.

The G-24 chairman called for international cooperation to mobilize resources necessary for climate adaptation and sustainable development. He urged multilateral development banks and other stakeholders to fulfill their financing commitments, targeting at least $300 billion annually by 2035, as established at COP29.

Furthermore, Oyedele highlighted the importance of reforming international tax systems to tackle issues like tax avoidance and illicit financial flows, which diminish the resources available for development. He welcomed progress made under the United Nations Framework Convention on International Tax Cooperation and the OECD/G20 Inclusive Framework.

Iyabo Masha, Director of the G-24 Secretariat, echoed Oyedele's sentiments, emphasizing that economic growth must translate into job creation and improved living standards for citizens, rather than being measured solely by macroeconomic indicators. She stated, "The objective is to create a more liveable environment for our people, irrespective of their circumstances."

The G-24 also called for reforms to the IMF quota system to better reflect changes in the global economy and enhance the representation of developing countries in decision-making processes. They argued that these reforms, along with stronger coordination among creditors and greater transparency in sovereign debt negotiations, are essential for improving the international debt resolution framework and fostering sustainable economic growth.