[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110055-en":3,"doc-seo-110055-105":30,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":11,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":27,"seo_description":14,"update_tm":28,"read_time":29},110055,1099513958607,"Jiven","https://ap-avatar.wpscdn.com/avatar/100002390cf8733938c?x-image-process=image/resize,m_fixed,w_180,h_180&k=1778829742770036399",8,"Research & Report","G24 Communiqué - October 11, 2022 - development committee information","G24 Communiqué issued October 11, 2022 by the Development Committee introduces key assessment points from the 108th meeting of the Intergovernmental Group of Twenty-Four. It highlights multiple compounding global crises, worsening inflation and financial conditions, and rising food and energy insecurity intensified by the Ukraine conflict. The text calls for stronger coordinated multilateral actions, enhanced food production, flexible crisis support, policy coordination to limit spillovers, and a well-resourced Global Financial Safety Net centered on a quota-based IMF.","Public Disclosure Authorized Public Disclosure Authorized  \nDEVELOPMENT COMMITTEE  \n(Joint Ministerial Committee of the  \nBoards of Governors ofthe Bank and the Fundon the  \nTransfer of Real Resources to Developing Countries)  \nDC/S/2022-0052  \nOctober 11, 2022  \nG24 COMMUNIQUÉ  \nThe attached Communiqué of the one hundred and eighth meeting of the Ministers of the Intergovernmental Group of Twenty-Four, held on October 11, 2022, is circulated for the information of the Development Committee at the request of Alvaro Gonzalez Ricci, Governor of the Bank of Guatemala, serving as Chair.  \n*****  \nINTERGOVERNMENTAL GROUP OF TWENTY-FOUR ON INTERNATIONAL  \nMONETARY AFFAIRS AND DEVELOPMENT  \nCOMMUNIQUÉ  \nOctober 11, 2022  \n1. Multiple compounding crises have severely darkened the global economic outlook and development prospects. Global growth is slowing, and poverty, hunger, water scarcity, cost of living pressures and food and energy insecurity have increased alarmingly, deepening the existing challenges in the global economy as well as exacerbating fragilities in Fragile and ConflictAffected States (FCS) . Persistently high inflation and spikes in food and energy prices, exacerbated by the conflict in Ukraine, have disproportionately harmed vulnerable households and the poor. Downside risks to prospective growth have risen leading to fears of a global recession.  \n2. Financial conditions are worsening. Policymakers, especially in advanced economies, have moved to curb higher than expected inflation by tightening monetary policy with sharp and repeated increases in interest rates, which have led to currency depreciations and large capital outflows in emerging markets and developing economies (EMDEs) . Their much tighter fiscal spaces and increased debt burdens leave policymakers with difficult trade-offs between maintaining social spending and boosting investments to secure a recovery from the pandemic’s enormously adverse impact on economic growth, human capital, poverty, and inequality. An inclusive and sustained recovery is highly uncertain as the world navigates policy responses to high inflation and their second-round effects, inadequate financial resources, and evolving risks from social and economic disruptions.  \n3. Strong and coordinated multilateral support to tackle the food and energy crises is urgently required. We welcome the efforts taken by countries and international organizations to address rising food insecurity and reduce trade distortions. We welcome the decision of the World Trade Organization’s (WTO) Ministers on the exemption from export prohibitions or restrictions of World Food Programme’s food purchases to meet the needs of least developed countries and net food importing developing countries. However, stronger actions are needed to enhance and diversify food production. The WTO should also further address longstanding subsidies and import restrictions by advanced countries that have constrained agricultural production and exports from many developing countries. We encourage exploring regional solutions to alleviate food and energy shortages. We welcome the creation of the Food Shock Window in the International Monetary Fund’s (IMF) emergency lending instruments and look forward to its urgent assistance to countries in need. We also ask for flexibility in providing such assistance to countries with debt sustainability concerns to ensure an urgent response. We welcome the World Bank Group’s (WBG) Global Crisis Response Package to address drivers and impact of food insecurity, recover learning and other losses to human capital development, and build resilience in times of health crises and future pandemics. We also welcome the establishment of the Financial Intermediary Fund for Pandemic Prevention, Preparedness and Response.  \n4. As policymakers strive to curb inflation, policy coordination is needed among large, advanced economies to calibrate their simultaneous and rapid monetary policy tightening to miti","cbCailoueh2KDdaf","https://ap.wps.com/l/cbCailoueh2KDdaf","pdf",170570,5,1,"English","en",105,"# G24 Communiqué\n## Global economic outlook and development risks\n## Financial conditions and policy trade-offs\n## Multilateral support for food and energy crises\n## Policy coordination and EMDE risk management\n## Global Financial Safety Net and IMF quotas","[{\"question\":\"What major global challenges does the communiqué identify?\",\"answer\":\"It points to compounding crises including slowing growth, rising poverty and hunger, water scarcity, cost-of-living pressures, and heightened food and energy insecurity, alongside persistent high inflation and shocks amplified by the Ukraine conflict.\"},{\"question\":\"What actions does the communiqué call for to address food and energy crises?\",\"answer\":\"It encourages stronger and coordinated multilateral support, including measures to enhance and diversify food production, address longstanding subsidies and import restrictions, explore regional solutions, and expand timely crisis financing mechanisms such as IMF instruments and World Bank initiatives.\"},{\"question\":\"How does the communiqué propose strengthening the global financial safety net?\",\"answer\":\"It reiterates the need for a strong Global Financial Safety Net with an adequately resourced, quota-based IMF, urging timely completion of the 16th General Review of Quotas and quota realignment to improve lending capacity and IMF effectiveness.\"}]","G24 Communiqué - 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