Thank you, Chairman Carstens. It is a privilege to address you and the IMFC members on behalf of the Group of Twenty-Four. Let me make some brief remarks.
- First, in view of the uneven and moderate recovery, as well as the persistent downside risks in the global economy, we believe that more concerted efforts are needed to stimulate global demand and build resilience. EMDCs face risks associated with higher global interest rates, a stronger dollar, and more volatile commodity prices and capital markets, partly as a result of monetary policy normalization in advanced economies. For this reason, we urge policy caution, coordination and communication, and emphasize the importance of adequate global safety nets.
- Second, we welcome the IMF’s focus on Financing for Development, which is a key strategic priority of the G-24 at this juncture. A financing framework requires a strong foundation of growth and resilience, underpinned by sound macroeconomic and structural policies and a capacity to mobilize resources at the country level. The international community also has an essential role in these areas. We encourage the Fund to draw on its expertise to support international efforts, as well as those of individual countries, within its mandate.
- Third, we remain disappointed at the non-ratification of the 2010 reforms, which undermines the credibility, legitimacy, and effectiveness of the Fund. While ratification remains the priority, we believe that meaningful interim solutions that improve the voice and representation of EMDCs and increase IMF quota resources should be pursued. This, as repeated many times by the G-24, should not be achieved at the expense of other EMDCs.
- Finally, we continue to encourage the IMF to step up its efforts to further promote diversity, and call for concrete actions to enhance the representation of nationals from underrepresented regions in the form of recruitment, career progression, and promotions.
IMFC Spring 2015 – G-24 Intervention Prepared for Delivery by Alain Bifani