Minister of International Cooperation Rania Al-Mashat has participated in the Group of 24 (G-24) meeting on the sidelines of the World Bank Group (WBG) and International Monetary Fund (IMF) Spring Meetings 2020.
Minister Al-Mashat highlighted Egypt’s measures in containing the impact of the ongoing coronavirus (COVID-19) pandemic on citizens and economy, according to a ministerial statement on Wednesday.
The statement said the minister praised the role of the WBG and the IMF in supporting countries during the pandemic.
Developing countries face an unprecedented economic crisis due to the coronavirus, the G-24 said in a statement. The intergovernmental group emphasised that a sharp economic contraction has been seen across the developing world, through a decline in trade, tourism, travel, remittances, employment, and government revenues. The affected economic sectors are all significant contributors to the financial revenues of these countries.
The across-the-board economic declines have hit these countries particularly hard, with governments having to spend heavily on health and social protections.
Wealthy countries have ample lines of credit, but many poorer countries, which were already in debt distress before the coronavirus outbreak, have seen revenues further dry up, the statement said.
The G-24 gathered via teleconference to discuss areas of priority where emerging and developing countries (EMDCs) need large-scale financial and technical support. The group members commended the IMF and the WBG for their swift action in responding to EMDC needs.
The G-24 was established in 1971 as a chapter of the Group of 77, to help coordinate the positions of developing countries on international monetary and development finance issues. The group also ensures that their interests are adequately represented in negotiations on international monetary matters.