Ethiopia Participates in G24 Meeting of Ministers, Governors During WB, IMF Meetings

Addis Ababa October 23/2024 (ENA)- A high-level Ethiopian delegation participated in the G24 meeting of ministers and governors during the World Bank and IMF 2024 annual meetings.

The delegation led by Ahmed Shide, Minister of Finance, is in Washington DC to attend the 2024 World Bank and IMF annual meetings. 

The delegation participated in the G24 ministerial and governors meeting on 22 October, 2024 and voiced Ethiopia’s stance on key reform proposals to improve the Breton Woods system to be more responsive to current challenges in the context of the fast changing global environment. 

Finance Minister Ahmed Shide highlighted the importance of the creation of innovative and fast-responding financial safety net mechanisms to address the shortage of affordable liquidity countries face in times of crises.

He also gave emphasis on  the critical need for significantly scaling up the financing envelope of multilateral development banks for low-interest, long-term financing availed to developing economies to enable them access to the necessary resources without accumulating unsustainable debt.

He further elaborated the need for quota, representation and governance reforms and adjustments in the IMF to ensure that emerging markets and developing countries can have access to adequate financing and decision-making power proportional to their economic weight. 

The minister expressed Ethiopia’s deep appreciation for the World Bank and the IMF’s longstanding partnership, which has been instrumental in advancing Ethiopia's economic and social development, according to the Ministry of Finance.