G-24 Coalition Calls for Enhanced Support Amid Middle East Economic Shocks
Wale Edun, Nigeria's Finance Minister and G-24 Chair, urges multilateral bodies to enhance support for developing countries coping with Middle East conflict's economic effects. He emphasizes the need for more liquidity tools to manage financing costs amid cuts in development aid, leading to negative financial flows.
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- United States
Wale Edun, the Nigerian Finance Minister and Chair of the G-24 coalition, has called on multilateral institutions to increase their support for vulnerable countries experiencing economic shocks due to ongoing conflict in the Middle East.
Edun proposed that these institutions provide additional tools for liquidity risk management to lower financing costs. His appeal comes in light of prevailing development aid cuts and high debt repayment costs, which have resulted in negative net financial flows to developing economies.
During the IMF/World Bank Spring meetings in Washington, Edun emphasized the urgent need for coordinated efforts to address these financial challenges and support sustainable development in these regions.
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