Ethiopia Advocates Reform at G24 Meeting Amid Global Financial Discussions

WASHINGTON: A high-level delegation from Ethiopia, led by Finance Minister Ahmed Shide, participated in the G24 meeting of ministers and governors during the World Bank and International Monetary Fund’s 2024 annual meetings. The delegation sought to emphasize Ethiopia’s perspective on reforming the Bretton Woods system to meet contemporary global challenges.

According to Ethiopian News Agency, during the meeting on October 22, 2024, Minister Ahmed Shide underscored the necessity for innovative financial safety net mechanisms to address liquidity shortages during crises. He emphasized the importance of expanding the financing capabilities of multilateral development banks to provide low-interest, long-term financing to developing countries, allowing access to essential resources without incurring unsustainable debt.

Furthermore, the minister called for reforms in quota, representation, and governance within the IMF to ensure emerging markets and developing nations have proportional access to financing and de
cision-making power reflective of their economic contributions. He also expressed Ethiopia’s appreciation for the enduring partnership with the World Bank and the IMF, which has played a crucial role in advancing the country’s economic and social development.