The Philippines, through the Department of Finance (DOF), has called on international financial institutions (IFIs) to scale up their support for the emerging markets and developing economies (EMDEs) amid the increasing global challenges and risks.
“International financial institutions, such as the World Bank and the International Monetary Fund, must be adequately equipped and are called upon to step in more decisively to support EMDEs through timely and accessible financing, technical assistance, knowledge support, and enhanced policy dialogue,” DOF International Finance Group (IFG) Undersecretary Joven Balbosa said during the Intergovernmental Group of Twenty-Four (G-24) Ministers and Governors Meeting on April 22, 2025 at the IMF Headquarters in Washington, D.C.
Undersecretary Balbosa represented Finance Secretary Ralph G. Recto during the meeting. Secretary Recto previously chaired the G-24 Bureau from 2023 to 2024, and now sits as a non-executive member of the Bureau.
With the theme, Enhancing Domestic Responsiveness in a Shock-Prone World, the high-level meeting convened Finance Ministers and Central Bank Governors of G-24 member countries to discuss key areas where IFIs can heighten support for EMDEs.
In his intervention, Undersecretary Balbosa underscored the complex challenges faced by EMDEs like the Philippines against an increasingly interconnected global environment confronted by economic shocks, constrained fiscal space, climate change, and growing geopolitical and trade tensions.
He also stressed that the interconnected nature of global trade necessitates careful consideration of potential unintended spillovers and spillbacks from trade measures, as many ASEAN economies are integral to the global supply chain.
In addition to international support, Undersecretary Balbosa stressed the need to implement sound fiscal and monetary policies that are attuned to the evolving dynamics of the global economy, which will ensure long-term economic resilience and stability amidst global headwinds.
He likewise called on the WB and IMF to continue collaborating with other IFIs in supporting vulnerable countries and finding innovative ways to provide financing to programs and projects that contribute to global growth and development.
In her opening remarks, WB Managing Director of Operations Anna Bjerde informed the G-24 members of the Bank’s newly developed Project Preparation Facility (PPF) to help developing countries overcome project preparation barriers.
The facility is available to both the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) clients.
“We think it will be very helpful in preparing good projects that are important for your development,” she said.
She added that the Bank is also engaging in Memoranda of Understanding (MOUs) with other agencies for joint financing.
Taking into account the interconnected nature of the global environment, the WB transformed its financial model with the Framework for Financial Incentives (FFI), which incentivizes its clients to invest in projects that produce benefits beyond their countries’ borders.
Meanwhile, IMF Managing Director Kristalina Georgieva acknowledged the Philippines’ intervention in understanding spillovers and the corresponding policy actions that need to be set in place.
“I can assure you, we take our responsibility to buffer countries very seriously. Before we started this meeting at the Fund, we had a review of all countries’ degrees of vulnerability. What can we do? And I know the bank does the same thing, and together, we actually can provide some assurances that countries are not on their own in this more difficult time,” she said.
During the meeting, the members approved the G-24 Communiqué, a written statement that conveys the position of G-24 on promoting innovative financial instruments; advancing climate action; encouraging effective domestic resource mobilization for sustainable development financing; and enhancing multilateral cooperation on tax reforms and trade policies.
More details about the Communiqué can be accessed through this link: https://www.imf.org/en/News/Articles/2025/04/22/cm042225-intergovernmental-group-of-twenty-four-on-international-monetary-affairs-and-development
Formed in 1971, the G-24 helps coordinate the positions of developing countries on international monetary and development finance issues to ensure that their interests are adequately represented in negotiations on international monetary matters.
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, Cote 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.
