Philippines Department of Finance urges the World Bank and IMF to scale up support for emerging markets at the G-24 meeting

The Philippines Department of Finance reported that it used the April 22, 2025 G-24 Ministers and Governors Meeting at the International Monetary Fund to press international financial institutions, including the World Bank and the IMF, to step in more decisively for emerging markets and developing economies through timely and accessible financing, technical assistance, knowledge support and enhanced policy dialogue. Remarks delivered by Department of Finance Undersecretary Joven Balbosa on behalf of Finance Secretary Ralph Recto highlighted pressures on emerging markets from economic shocks, constrained fiscal space, climate change and rising geopolitical and trade tensions, including risks of unintended spillovers and spillbacks from trade measures given ASEAN’s role in global supply chains. The intervention also stressed the need for sound, adaptive fiscal and monetary policies domestically and urged the World Bank and IMF to work with other international financial institutions on innovative financing approaches. In related discussions, the World Bank outlined a new Project Preparation Facility available to International Bank for Reconstruction and Development and International Development Association clients and pointed to its Framework for Financial Incentives, while the IMF referenced its vulnerability review work. G-24 members approved a Communiqué covering innovative financial instruments, climate action, domestic resource mobilization, and multilateral cooperation on tax reforms and trade policies.