DoF spearheads technical meetings for G-24
During the two-day Technical Group Meetings (TGMs), participants delved into strategies aimed at effectively tackling a range of economic challenges. These included discussions on climate financing, shifts in the global trade landscape, domestic resource mobilization, and sovereign debt resolution, among other critical topics.
Established in 1971, the Group of Twenty-Four (G-24) serves as a vital platform for coordinating the stances of developing nations on matters concerning international monetary affairs and development finance. Its primary objective is to ensure that the interests of developing countries are duly represented in negotiations within international development forums.
Throughout the meetings, there was a consensus on the importance of fostering robust macroeconomic fundamentals to shield the global economy against unforeseen shocks. Additionally, there was a call for reforms aimed at enhancing the responsiveness of the global financial safety net to the needs of developing nations.
Trade facilitation emerged as a focal point of discussion, with particular attention directed towards addressing concerns surrounding the existing international tax framework.
Regarding climate action and financing, participants urged international financial institutions to intensify their efforts in leveraging capital more effectively. They also emphasized the necessity of improving access to financing instruments with greater concessionality to bridge existing funding gaps in developing countries for climate adaptation and mitigation endeavors.
During panel discussions on sovereign debt resolution, it was noted that while progress has been made in assisting countries seeking debt treatment under the G-20 Common Framework initiative, more concerted efforts are needed to address debt challenges faced by middle-income countries that may not be eligible for such initiatives.
G-24 Director, Iyabo Masha, expressed optimism about the outcomes of the discussions, highlighting their significance in advancing the collective interests of the global south. She underscored the importance of collaboration in overcoming challenges and steering towards a brighter future for nations and the environment.
Sharon Almanza, Officer in Charge of the Bureau of the Treasury, who chaired the TGM sessions on behalf of Finance Secretary Ralph Recto, stressed the crucial role of cooperation. Recognizing the diversity of development contexts across countries, she emphasized the importance of international collaboration in addressing global challenges and ensuring inclusive resilience-building efforts.
Business News: DoF spearheads technical meetings for G-24
