DOF urges IFIs to boost support for EMDEs amid global challenges

The Philippine government has called on international financial institutions (IFIs) to bolster their support for emerging markets and developing economies like the Philippines in light of increasing global challenges.

During the Intergovernmental Group of Twenty-Four (G24) Ministers and Governors Meeting at the IMF Headquarters in Washington D.C., Undersecretary Joven Balbosa delivered Secretary Ralph Recto's message on behalf of the Department of Finance.

Balbosa emphasized that IFIs must provide timely financing, technical assistance, knowledge support, and enhanced policy dialogue to EMDEs facing economic shocks, fiscal constraints, climate change, and geopolitical tensions.

The DOF official also stressed the importance of implementing sound fiscal and monetary policies aligned with global economic dynamics to ensure long-term resilience and stability in vulnerable countries.

Balbosa urged IFIs such as the World Bank and IMF to increase financing for projects and programs that contribute to global growth and development, especially for vulnerable nations.