G-24 Urges Cheaper IMF and World Bank Loans as Debt Costs Soar
Developing nations pay $500bn more in debt costs than advanced economies
In Brief
- •Developing nations pay $500bn more in debt costs than advanced economies
- •G-24 calls for cheaper short‑term concessional loans and greater private capital mobilisation
- •The group urges IMF and World Bank to tailor lending programmes to protect social spending and avoid undermining recovery
- •G-24 also pushes for $300bn of private climate finance annually by 2035 and stronger tax cooperation
Why It Matters
High debt costs limit developing countries’ ability to invest in growth, create jobs and maintain essential public services. Affordable financing from the IMF and World Bank, coupled with private capital mobilisation, could free up resources for development and social spending. The call for climate finance and tax cooperation also highlights the need for sustainable, inclusive growth in a rapidly changing global economy.
Key Details
- Excess Debt Costs
- $500 billion
- Target Private Climate Finance
- $300 billion annually by 2035
- Meeting Location
- Bangkok
- G-24 Chair
- Taiwo Oyedele
Context & Background
The Group of 24 (G‑24) represents developing countries on international monetary and development finance issues and meets annually with the IMF and World Bank to discuss financing challenges.
Original Reporting & Sources
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