The Philippines, through the Department of Finance (DOF), urged international financial institutions (IFIs) to increase their support for emerging markets and developing economies (EMDEs) amid the increasing global challenges and risks.
“International financial institutions, such as the World Bank and the International Monetary Fund, must be adequately equipped and are called upon to step in more decisively to support EMDEs through timely and accessible financing, technical assistance, knowledge support, and enhanced policy dialogue,” DOF International Finance Group (IFG) Undersecretary Joven Balbosa said during the Intergovernmental Group of Twenty-Four (G-24) Ministers and Governors Meeting on April 22, 2025 at the IMF Headquarters in Washington, D.C.
Balbosa represented Finance Secretary Ralph Recto during the meeting. Recto previously chaired the G-24 Bureau from 2023 to 2024, and now sits as a non-executive member of the Bureau.
With the theme, Enhancing Domestic Responsiveness in a Shock-Prone World, the high-level meeting convened Finance Ministers and Central Bank Governors of G-24 member countries to discuss key areas where IFIs can heighten support for EMDEs.
