Global crisis: G-24 seeks international effort to restore peace, stability

The Intergovernmental Group of Twenty-Four (G‑24) has called for a strong commitment and united international effort to restore peace, stability, and rebuild livelihoods for those affected by different crises worldwide.

The G-24 made this call in a communique issued by the International Monetary Fund, IMF, Press Centre on Wednesday after the 111th meeting of the G-24 Ministers, Central Bank Governors, and their Deputies in Washington DC.

DAILY POST reports that the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24) is a forum to coordinate the positions of developing countries on international monetary and development finance issues.

The G-24 expressed concerns over the profound human suffering from different crises worldwide, stemming from conflict, natural disasters, violence, or other calamities.

They said these calamities had exacted a heavy toll on individuals and communities.

The group said there were lingering weaknesses and uncertainties in the global economic landscape, especially in Emerging Markets and Developing Economies, EMDEs, and Low‑Income Countries, LICs.

“This is in spite of the projections of recovery and moderate growth in Advanced Economies (AEs), and stable growth in EMDEs.

“This means that the goal of achieving sustainable and inclusive development by 2030 is more challenging than before.

“We ask all parties of the international community, especially multilateral organizations, to work together and make their best efforts to accelerate progress,” G-24 said.

The G-24 said the rapid pace of adoption of artificial intelligence and digitalisation, while presenting new opportunities, portends uncertain risks, especially in labor-intensive sectors in EMDEs and LICs.

They also said frequent geopolitical tensions were disrupting supply chains, adversely impacting economic activity.