In a recent address to the Intergovernmental Group of Twenty-Four (G-24) Technical Group Meeting, Finance Secretary and current G-24 Chair, Ralph G. Recto, emphasized the critical need for developing countries to regain their economic momentum as they aim for the 2030 Agenda for Sustainable Development goals.
With the deadline looming, Secretary Recto highlighted the significance of concerted global action and fiscal discipline to combat poverty, hunger, and environmental degradation effectively.
The 2030 Agenda, a universally agreed-upon action plan, seeks to balance economic growth with social inclusion and environmental protection, presenting a significant challenge for developing economies already grappling with the aftermath of the COVID-19 pandemic.
The pandemic has notably hindered global economic progress, disproportionately affecting middle and low-income countries through constrained fiscal resources and increased debt burdens.
Secretary Recto’s remarks come at a time when the global community faces an array of challenges beyond the pandemic’s economic impacts.
Climate change, geopolitical tensions affecting global trade, and rising inflationary pressures further complicate the path to recovery. These issues are particularly acute for the G-24 member states, which include a diverse group of developing countries from around the globe.
The call for increased support from international financial institutions such as the Asian Development Bank (ADB), the World Bank (WB), and the International Monetary Fund (IMF) underscores the need for innovative solutions to foster long-term growth and resilience among developing economies. Traditional measures, according to Recto, may no longer suffice in addressing the complex web of challenges these countries face.
The G-24’s role in coordinating the positions of developing countries on international monetary and development finance issues is crucial. Since its formation in 1971, the group has worked to ensure that the interests of developing nations are adequately represented in negotiations on international monetary matters.
This year’s meeting, hosted by the Philippines under the theme “Building Resilience to Meet Global Challenges,” aims to chart a course for efficient strategy development in areas such as climate financing, global trade adjustments, resource mobilization, and sovereign debt resolution.
Amid warnings from the World Bank of a continued decline in global growth and the risk of developing countries falling further behind, the urgency for actionable solutions has never been more apparent. The World Bank’s projection of global growth rates significantly lower than pre-pandemic levels points to a challenging road ahead.
Secretary Recto’s call for bold, innovative actions and stronger international cooperation reflects a recognition of the interconnected nature of today’s global challenges.
As the G-24 members and their international partners deliberate on fiscal frameworks, investment strategies, and funding mechanisms for climate action, the focus remains on crafting policies that not only address immediate economic challenges but also pave the way for sustainable and inclusive growth.
This meeting represents a pivotal moment for developing countries to articulate their needs and for the international community to respond with the necessary support and resources. As 2030 approaches, the collective effort to meet these ambitious goals will test the global commitment to a more equitable and sustainable future.
