The Philippines, which currently sits as chair of the Intergovernmental Group of Twenty-Four (G-24) Board of Governors, led the G-24 Technical Group Meetings (TGMs) through the leadership of the Department of Finance (DOF) from February 21-22, 2024 in Manila to tackle global challenges.

Formed in 1971, the G-24 helps coordinate the positions of developing countries on international monetary and development finance issues, as well as to ensure that their interests are adequately represented in negotiations on international development fora.

This year, the Philippines hosted the two-day G-24 TGMs with the theme, “Building Resilience to Meet Global Challenges” to discuss strategies to effectively address ongoing economic challenges including climate financing, changes in the global trade regime, domestic resource mobilization, and sovereign debt resolution, among others.

Five panel discussions in relation to the said topics were conducted during the two-day meeting.

In the first panel discussion titled Reforms of the Global Financial Safety Net for the 21st Century Challenges, the Group tackled measures necessary to ensure financial stability, especially during crises.

Recognizing that the global financial safety net is unsuitable for the current environment, the Group underscored the importance of establishing sound macroeconomic fundamentals to cushion the global economy against shocks and the need for reform to make the global financial safety net more responsive to the needs of developing countries.

In the second panel discussion titled Changes in the Global Trade Regime and Impacts on the Global South, the Group delved into how rising trade protectionism and the global challenges brought about by the pandemic impact the levels of poverty and inequality and how these delay the achievement of sustainable development goals (SDGs). Emphasis was also placed on the need for global cooperation to focus on facilitating rather than limiting trade.

Meanwhile, in the panel discussion on Domestic Resource Mobilization for the 21st Century, member states zeroed in on issues revolving around the existing international tax architecture. Insights on how to collectively shape this to be more inclusive to developing countries were shared.

In addition, the G-24 amplified its call for a more democratic global tax governance that considers the rights and interests of developing economies.

In the panel on Climate Action and Financing, the Group called on international financial institutions to ramp up their efforts on leveraging their capital more effectively and improving the access and concessionality of financing instruments to help address existing financing gaps in developing countries for climate adaptation and mitigation initiatives.

During the final panel discussion on Sovereign Debt Resolution, it was noted that while progress has been made for countries that requested debt treatment under the G-20 Common Framework initiative, coordinated action towards restoring debt sustainability would need to consider mechanisms to resolve debt challenges in middle-income countries that are not eligible. Moreover, countries need to advance fiscal frameworks that promote stronger fiscal positions and prudent debt management.

G-24 Director Iyabo Masha said that the discussions will boost the work of the G-24 as they continue to collaborate and advance their commitments to the interest of the global south.

“Together, we can rise above the challenges, build resilience, and chart our course for a brighter future for our nations and our climate. I thank you all for participation,” Director Masha said during her closing remarks.

Officer-in-Charge of the Bureau of the Treasury Sharon P. Almanza, acting as Chair of the TGM Sessions on behalf of the Finance Secretary, likewise emphasized the importance of cooperation amidst country differences, “While we recognize that there is not a one-size-fits-all solution to our development woes considering our countries’ unique contexts and situations, we acknowledge the importance of international cooperation in this interconnected world, of making our voices heard, and of ensuring that no one is left behind as we tackle global challenges and build our resilience moving forward”.

Earlier, Finance Secretary and Chair of the G-24 Board of Governors Ralph G. Recto urged member states to reclaim their lost momentum and make a powerful comeback in the race to 2030 through heightened cooperation and scaled-up support from international financial institutions to weather global challenges.

“We must keep in mind that 2030 marks a universal deadline for all nations to make substantial progress in eradicating poverty, ending hunger, and protecting the environment,” Secretary Recto said in his opening remarks.

“With over half a decade remaining until 2030, there is enough opportunity for developing economies to reclaim lost momentum and make a powerful comeback if we unite in concerted action and adhere to fiscal discipline,” he added.

In the following weeks, the group will synthesize the main ideas shared during the two-day meetings and engage the country’s governors in discussing the action plans brought about by the discussions.

Though originally named after the number of the founding member-states, the G-24 now has 29 members, namely: Algeria, Argentina, Brazil, China, Colombia, Congo, Côte d’Ivoire, Ecuador, Egypt, Ethiopia, Gabon, Ghana, Guatemala, Haiti, India, Iran, Kenya, Lebanon, Mexico, Morocco, Nigeria, Pakistan, Peru, Philippines, South Africa, Sri Lanka, Syria, Trinidad and Tobago, and Venezuela.