G24 COMMUNIQUÉ - April 14, 2020 - Addressing COVID-19 impacts on EMDCs

Jul 19, 2026

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G24 Communiqué issued April 14, 2020, outlines Ministers’ coordinated response to the COVID-19 outbreak and its humanitarian, public health, and economic effects on emerging markets and developing countries. It emphasizes upgrading fragile health systems, expanding equitable financial and technical assistance, and maintaining social protection while safeguarding jobs, incomes, and economic activity. It also calls for trade and investment support, tax base protection, debt relief and restructuring, and urgent liquidity measures to prevent solvency crises and enable a resilient recovery as the pandemic abates.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages5

Reading Time13 min

AccessFree to download

Development Committee Communiqué

Context and condolences

Global health and humanitarian response

Economic policy measures and cooperation

Debt vulnerabilities and relief actions

Public Disclosure Authorized Public Disclosure Authorized DEVELOPMENT COMMITTEE (Joint Ministerial Committee of the Boards of Governors ofthe Bank and the Fundon the Transfer of Real Resources to Developing Countries) DC/S/2020-0019 April 14, 2020 G24 COMMUNIQUÉ The attached Communiqué of the one hundredth and three meeting of the Ministers ofthe Intergovernmental Group of Twenty-Four, held virtually on April 14, 2020, is circulated for the information of the Development Committee at the request of Kenneth Ofori-Atta, Minister of Finance, Ghana, serving as Chair. *** INTERGOVERNMENTAL GROUP OF TWENTY-FOUR ON INTERNATIONAL MONETARY AFFAIRS AND DEVELOPMENT COMMUNIQUÉ Chaired by Kenneth Ofori-Atta, Minister of Finance of Ghana April 14, 2020 1. We mourn together with you and regret the extensive human loss caused by the COVID-19 outbreak. We heartily express our sympathy to all families and communities that have been affected. 2. We are all confronting an unprecedented humanitarian, public health, and economic challenge from the pandemic. We must work in solidarity to address this global crisis. The social and economic impacts of the pandemic on emerging markets and developing countries (EMDCs) are particularly severe and could be long-lasting on people’s health, jobs, and livelihoods. We commend the national urgent policy measures being undertaken by advanced countries and EMDCs, including the G-24 members. A comprehensive and coordinated global response, including with the World Health Organization (WHO), International Monetary Fund (IMF), World Bank Group (WBG), and other Multilateral Development Banks (MDBs), is critical to enhance national efforts to deal with the ongoing crisis and support a rapid economic recovery. We welcome the G20’s commitment for enhanced global coordination, which must be at the scale required to fight the pandemic, safeguard jobs and incomes, revive economic activity, and restore confidence in all countries. 3. Containing the spread of the COVID-19 pandemic is our immediate priority. Weare deeply concerned about the impact and enormous challenges EMDCs are facing in this regard. Fragile health systems should rapidly be upgraded to monitor and detect cases early, including deploying preventive measures and ensuring the availability of vital medical care, supplies, and equipment. Containing the outbreak will be particularly difficult in densely populated areas where access to health and sanitation services are limited. As part of the global response, we call on the international community and multilateral and regional organizations to use, to the fullest extent and in a broad-based and equitable manner, their financial and technical assistance to assist EMDCs limit the loss of lives, manage the outbreak, and address the social impact of the health crisis. Humanitarianism and the moral obligation for everyone to share scientific advancement and its benefits should guide the timely and unrestricted provision of necessary medical supplies and assistance, to help all countries in need, without any exception. Addressing the outbreak in all countries is essential to halt the pandemic. 4. We are responding quickly with a broad set of policy measures, as national circumstances permit, to provide social protection, assist the poor and vulnerable, protect jobs and incomes, maintain financial resilience, and sustain economic activity. The rapid decline of trade, travel, tourism, and remittances coupled with massive capital and investment outflows, however, are eroding our fiscal space and reserve buffers at a time when they are most needed. The sharp fall in commodity prices, especially of crude oil, is taking a significant toll on commodity-exporting EMDCs. All countries need to work together to support the flow of trade and investment and instill confidence among investors and financial markets. International cooperation is essential to address the erosion of our tax bases an

FAQs

What immediate priority does the Communiqué set for COVID-19 response?

Containing the spread of the COVID-19 pandemic is stated as the immediate priority, with support for early detection, preventive measures, and adequate medical supplies and care.

How does the Communiqué propose addressing the economic impact on EMDCs?

It calls for coordinated global action to support jobs and incomes, revive economic activity, stabilize trade and investment flows, and provide timely liquidity to avoid solvency crises.

What does the Communiqué say about debt vulnerabilities and relief?

It supports fast and decisive debt relief for countries facing distress, including temporary suspension of debt payments for low-income countries, discussions on easing debt burdens, and fair restructuring where needed.

Jul 19, 2026

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