Wale Edun: Strengthening Support for Developing Economies Amidst Global Turmoil

Nigerian Finance Minister Wale Edun, chair of the G-24 coalition, urges multilateral institutions to enhance support for vulnerable countries facing economic challenges due to the Middle East war. Emphasizing targeted assistance and domestic revenue, Edun highlights the need for improved international financial support and internal trade in Africa.

During the IMF/World Bank Spring meetings, Wale Edun, Nigerian Finance Minister and chair of the G-24 coalition, called for multilateral institutions to bolster support for vulnerable economies affected by the ongoing Middle East conflict.

He highlighted the necessity for additional liquidity tools to mitigate financing costs, as current net financial flows to developing nations are negative due to reduced development aid and debt repayment burdens.

Edun stressed the importance of targeted, temporary government support for citizens, warning against a return to broad fuel subsidies, and advocated for increased domestic revenue and internal trade within Africa to combat global economic shifts.

(With inputs from agencies.)