The Group of 24 (G-24) has sounded a stark warning over rising political turmoil and conflicts worldwide, highlighting the intensifying Middle East war as a major threat to global economic stability. The Group of 24 noted during the World Bank/IMF Spring Meetings in Washington, D.C., that the ongoing Middle East conflict is severely affecting livelihoods and destroying critical civilian infrastructure.
According to the coalition, the crisis is not only deepening economic uncertainty but also dimming growth prospects especially for emerging and developing economies. It further emphasized that the situation is exerting significant pressure on the already fragile global economy, hitting emerging markets and developing nations the hardest. Countries like Nigeria, alongside many others across Africa and beyond, fall within this vulnerable category.
The G-24; an alliance of developing nations, plays a crucial role in shaping and coordinating positions on global monetary and financial matters, making its warning one that carries significant weight. It raised a fresh alarm, warning that the global economy is losing momentum after a period of modest but steady growth, as conflict-driven disruptions particularly in energy supply chains—begin to bite harder.
It cautioned that growth is expected to slow further in 2026 compared to 2025, with prolonged instability likely to fuel rising inflation across both essential and non-essential goods, driven by spikes in energy, food, and fertilizer costs.
The group also called for urgent action to secure key maritime routes and end attacks on vital energy infrastructure, noting that rebuilding damaged facilities comes at a high cost and takes considerable time. These ongoing disruptions, it said, are intensifying market volatility, even as OPEC Declaration of Cooperation countries work to stabilise oil supply through alternative export channels. It also stated that quota reforms should amplify the voice and representation of emerging and developing economies, while ensuring that the poorest countries do not lose their existing shares.
Calling on the IMF to remain nimble in the face of evolving global risks by upgrading its lending instruments, strengthening oversight, and revisiting key frameworks such as the Low-Income Countries Debt Sustainability Framework and programme design policies, the group also reiterated its push for reforms to IMF charges and surcharges, alongside exploring options for regular allocations of Special Drawing Rights to better support vulnerable economies.
Turning to development financing, the G-24 underscored the importance of the World Bank Group’s focus on job creation, infrastructure, and innovative financing in tackling poverty. It urged the Bank to optimize its balance sheet to expand lending capacity without compromising financial stability, while accelerating efforts like hybrid capital and portfolio guarantees to unlock more accessible and affordable funding. It underscored the urgency of strengthening the World Bank’s governance, describing the 2025 Shareholding Review as a pivotal moment to resolve lingering issues around unallocated shares and to enhance the representation of developing countries ahead of the 2026 Annual Meetings.
It also sounded the alarm over rising debt vulnerabilities, calling for more coordinated and predictable sovereign debt restructuring under the G20 Common Framework, alongside reforms to improve transparency and ensure long-term sustainability. The group stressed the need for stronger crisis-prevention frameworks, including deeper collaboration between the IMF and regional financing institutions.
On climate change, the G-24 made it clear that emission-reduction efforts must be matched with significantly scaled-up, affordable long-term financing particularly for developing economies. It urged donors to deliver on the $300 billion annual climate finance target by 2035 and to ramp up both technical and financial support for energy transition pathways.
The group further pointed to the importance of global tax reforms in curbing profit shifting and illicit financial flows, while noting ongoing efforts under United Nations and OECD platforms. It also called for a reversal of declining Official Development Assistance, urging donors to step up support in response to growing global needs.
In conclusion, the G-24 warned that unilateral trade measures; such as tariffs and sanctions that conflict with World Trade Organisation rules, are undermining global trade and integration. It called for a fairer, more transparent, and rules-based multilateral trading system, stressing that stronger cooperation among international institutions is vital to restoring confidence, stability, and sustainable growth.
