G24 Communiqué - April 19, 2022 - Ministerial response on Ukraine, COVID-19 and global financial stability

Jul 19, 2026

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G24 Communiqué from the one hundred and seventh Ministers’ meeting emphasizes support for humanitarian efforts and peace following tragic deaths and devastation in Ukraine. It highlights pandemic-driven economic costs, diverging recovery prospects, constrained fiscal space, rising debt vulnerabilities, and the need for urgent action to prevent hunger and food crises. The text calls for stronger COVID-19 vaccine access, timely cross-border flows, adequate ACT-A and COVAX funding, and equitable pandemic preparedness. It also urges vigilance on financial stability risks, macro policy balance, and analysis of digitalization, CBDCs, and cross-border capital-flow implications.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages6

Reading Time15 min

Executive Statements

Ukraine and global economic recovery

COVID-19 vaccine access and pandemic preparedness

Financial stability, macroprudential measures, and digital assets

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/2022-0012 April 19, 2022 G24 COMMUNIQUÉ The attached Communiqué of the one hundred and seventh meeting of the Ministers of the Intergovernmental Group of Twenty-Four, held virtually on April 19, 2022, is circulated for the information of the Development Committee at the request of Sergio Francisco Recinos Rivera, President of the Central Bank of Guatemala, serving as Chair. ***** INTERGOVERNMENTAL GROUP OF TWENTY-FOUR ON INTERNATIONAL MONETARY AFFAIRS AND DEVELOPMENT COMMUNIQUÉ Chaired by Sergio Francisco Recinos Rivera, President of the Central Bank of Guatemala April 19, 2022 1. We are deeply saddened by the tragic deaths and devastation in Ukraine. We strongly support international efforts to provide humanitarian support and restore peace and stability and recognize that this crisis compounds and intensifies risks and undermines economic recovery worldwide. 2. The pandemic has imposed huge costs. Many impediments to the global recovery remain, with growth prospects increasingly divergent and uncertain. GDP growth over the medium-term in many emerging market and developing economies (EMDEs) is projected to fall below prepandemic levels. Investing to spur recovery is highly constrained by limited fiscal space and rising debt vulnerabilities. Rising inflationary pressures, driven by spikes in food, energy and commodity prices, and pandemic and conflict-related disruptions in supply, international trade, and financial markets exacerbate output losses and inequality. Urgent global action is needed to prevent hunger and food crises among vulnerable countries and poorer households and avert financial distress in highly indebted EMDEs. Close attention to the impact of refugee flows and the internally displaced is needed. Strong multilateral cooperation is crucial to preserve multilateral rules-based trade, ensure food and energy security, protect financial stability, and sustain increased financing to developing economies. 3. We call for an urgent and stronger global response to improve COVID-19 vaccine access and its distribution, especially in low-income countries. All countries need to act to overcome supply barriers by facilitating timely cross border flows of vaccine and treatments and sharing technologies to boost their supply. Advanced economies should ensure adequate funding of the Access to COVID-19 Tool Accelerator (ACT-A) and the COVAX Facility to meet the global goal of 70 percent vaccination coverage in all countries by mid-2022. We welcome the World Bank Group’s (WBG) $20 billion vaccine financing package, partnerships with COVAX and the African Union, and assistance in building vaccine capacity in EMDEs. It is vital to put in place an adequately funded and equitable global initiative to support preparedness for and response to pandemics. 4. We are concerned about increasing risks to financial stability that may disrupt economic recovery. In managing the exit from accommodative macroeconomic policies, policymakers need to strike a balance between containing surging inflation and supporting economic recovery. Faster than expected increases in interest rates in advanced economies could raise rates globally and trigger capital outflows from developing countries, reducing access to financial markets, and further increasing debt vulnerabilities. We urge the IMF to be vigilant in recognizing the spillover effects in its bilateral and multilateral surveillance and to provide timely and tailored advice and technical support to member countries. The rapid growth of fintech and digital assets has the potential to facilitate efficient cross-border payments, but also presents risks, especially in EMDEs. In this context, more countries are exploring the issuance of Central B

FAQs

What are the main concerns and priorities regarding Ukraine mentioned in the communiqué?

The communiqué expresses deep sadness over tragic deaths and devastation in Ukraine and strongly supports humanitarian efforts to restore peace and stability. It notes that the crisis compounds global risks and undermines economic recovery.

What actions does the communiqué call for to improve COVID-19 vaccine access?

It calls for an urgent and stronger global response, including better access and distribution in low-income countries. It urges cross-border facilitation of vaccine and treatments, technology sharing, and adequate funding for ACT-A and COVAX to reach 70% vaccination coverage by mid-2022.

How does the communiqué address financial stability and risks to economic recovery?

It urges policymakers to balance containing inflation with supporting recovery during the exit from accommodative policies. It also calls for IMF vigilance about spillover effects, and highlights risks and policy challenges from fintech, digital assets, and CBDC adoption.

Jul 19, 2026

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