Manila: The Philippine government has called on international financial institutions (IFIs) to boost their support to emerging markets and developing economies (EMDEs) like the Philippines amid increasing global headwinds. In a statement Friday, the Department of Finance (DOF) said this was the message of Secretary Ralph Recto, delivered by Undersecretary Joven Balbosa, during the Intergovernmental Group of Twenty-Four (G24) Ministers and Governors Meeting at the IMF Headquarters in Washington D.C last April 22.

According to Philippines News Agency, Balbosa emphasized that international financial institutions, such as the World Bank and the International Monetary Fund (IMF), 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. This support is deemed crucial as the global market faces complex challenges including interconnected global environments, economic shocks, constrained fiscal space, climate change, and growing geopolitical and trade tensions.

The DOF official further highlighted the importance of implementing sound fiscal and monetary policies that align with the evolving dynamics of the global economy to secure long-term economic resilience and stability despite rising challenges. Balbosa also urged the World Bank and the IMF, as well as other IFIs, to increase their financing support to vulnerable countries for projects and programs that could contribute to global growth and development.

The G24 high-level meeting gathered finance ministers and central bank governors from member countries to advance IFIs support to EMDEs. Ralph Recto, who served as chairperson of the G24 Bureau from 2023 to 2024, currently sits as a non-executive member of the Bureau.