G24's Taiwo Oyedele Calls for Lower Borrowing Costs

The Intergovernmental Group of 24 (G24), chaired by Taiwo Oyedele, called on the International Monetary Fund (IMF) and the World Bank to make concessional financing more affordable for developing countries facing increasing debt burdens and high borrowing costs. This appeal was made during a press briefing at the IMF and World Bank Annual Meetings in Thailand.

Oyedele highlighted that developing countries, especially in Africa, are struggling with elevated debt levels and the rising costs of servicing their obligations. He noted that these countries are paying approximately $500 billion more in borrowing costs compared to developed economies, indicating a significant disparity in financing conditions.

Oyedele urged the IMF and World Bank to implement measures to enhance access to short-term concessional borrowing for vulnerable economies. He also stressed the importance of strengthening domestic revenue mobilization and improving spending efficiency without increasing the tax burden on vulnerable households and productive sectors at a time of competing development needs.