Diokno calls for stronger commitment and financing support from multilateral institutions

Finance Secretary and Governor of the World Bank for the Philippines Benjamin Diokno called on multilateral institutions to continue providing technical and financial assistance to emerging and developing countries on a greater scale amid concerns on rising inflation, climate change, and other global challenges, during the 2022 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington, D.C.

“During this turbulent time, stronger commitment from our multilateral partners will help us overcome the adverse socioeconomic impacts of these crises and build resilience from future shocks,” said Secretary Diokno on October 11, 2022 (EDT) in his intervention during the 108th Meeting of Ministers and Governors of the G-24.

The G-24, or the Intergovernmental Group of Twenty-four on International Monetary Affairs and Development, coordinates the position of developing countries on monetary and development issues.

Secretary Diokno represents the Philippines as the Second Vice-Chair of the G-24 Bureau.

Among the priority discussion areas were high inflation, debt distress, climate change, and the growing need to expand liquidity support and development financing.

Secretary Diokno also thanked the IMF and the World Bank Group for their continued financing support to the Philippines.

“We thank the Bank and the Fund’s consistent support to bridge the gaps in the Philippines’ priority policies and initiatives,” said Secretary Diokno.

“This support enables us to pursue our socioeconomic agenda of achieving a more resilient, inclusive, and sustainable economy,” he added.