G24 Chair Warns Developing Economies Face Debt Burden Hurdle

Taiwo Oyedele, chair of the Group of 24, identified debt vulnerabilities as a major barrier to inclusive growth, noting governments increasingly confront mounting debt burdens.

Oyedele stated developing nations pay approximately $500 billion more for debt than developed countries, a figure reflecting rising fiscal deficits across economies.

The G24 member nations highlighted pressures on heavily indebted developing countries this year, including supply shocks from the Middle East conflict, elevated food prices due to a 'super El Niño', and heightened borrowing costs.

Oyedele, Nigeria’s minister of finance and coordinating minister of the economy, urged the IMF and World Bank to enhance concessional financing accessibility and affordability for vulnerable countries while mobilizing private capital and reducing public spending.