Nigeria Calls for More IMF Support for Developing Nations
Wale Edun urged the IMF and World Bank to provide liquidity tools for developing nations. He noted that high debt costs have led to negative financial flows.
During the IMF and World Bank Spring meetings in Washington, the Finance Minister of Nigeria and Chair of the G-24 coalition, Wale Edun, called for increased support from multilateral institutions. He emphasized that developing nations require more assistance to navigate the economic volatility triggered by ongoing conflicts in the Middle East.
Wale Edun highlighted the necessity for these global financial bodies to expand their toolkit for vulnerable economies, suggesting that current measures are insufficient given the scale of the challenges.
We would like them to do more, we definitely like them to provide, particularly at this time, additional liquidity risk management tools that bring down the cost of financing.
The G-24, which coordinates the positions of developing countries on monetary and development finance, expressed concern over the current state of international aid. Edun noted that development assistance and international aid have seen significant cuts recently. When combined with the high costs of debt servicing, the result is a troubling trend where net financial flows to developing economies have turned negative.
