Finance Secretary Ralph Recto, current chair of the Intergovernmental Group of Twenty-Four (G-24) Board of Governors, pushed for key reforms to empower
Finance Secretary Ralph Recto, current chair of the Intergovernmental Group of Twenty-Four Board of Governors, leads this year’s successful high-level meeting of ministers and governors in Washington D.C. where he championed four key reforms to empower the International Monetary Fund and the World Bank Group to better serve developing countries.
“Today is an extremely different world. Financial interconnectedness, digital disruption, widening inequality, climate change, and geopolitical tensions are reshaping the global order. Any slowdown in the global economy because of these uncertainties and new economic realities is bound to hit developing countries the hardest,” Recto said.
Recto said the Sovereign Debt Resolution Framework should also be reformed to deliver comprehensive, predictable, swift, and impactful debt relief, addressing the urgent needs of vulnerable.
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