Oyedele chaired the G-24 Board of Governors meeting on the sidelines of the International Monetary Fund (IMF) and World Bank Annual Meetings in Bangkok, Thailand, on Wednesday, 14 October 2026.
The meeting focused on reforms to the global financial architecture, including lower borrowing costs, stronger representation for developing countries in international financial institutions and faster sovereign debt restructuring.
According to a press release by the Federal Ministry of Finance, IMF Managing Director Kristalina Georgieva and World Bank Senior Managing Director Axel van Trotsenburg, representing World Bank President Ajay Banga, joined other G-24 governors in commending Oyedele’s leadership of the discussions.
The meeting addressed mounting financial pressures on developing economies arising from geopolitical tensions, volatile commodity prices, climate shocks and tighter global financial conditions.
Oyedele said rising interest rates, widening fiscal deficits in advanced economies and growing demand for financing artificial intelligence and energy infrastructure had made borrowing more expensive for developing countries.
He called for progress on IMF quota and governance reforms, stronger representation for developing countries at the World Bank, improved access to development finance and more predictable debt restructuring involving all creditors.
The minister also called for expanded climate financing, stronger international tax cooperation to tackle tax avoidance and illicit financial flows, and greater participation by developing countries in global decision-making, including within the G-20.
In his closing remarks, Oyedele outlined three lessons from the discussions, stressing the need for countries to prepare for economic shocks before they occur, adopt artificial intelligence responsibly and strengthen international cooperation.
He said resilience must be built before a crisis through proactive policy preparation, while artificial intelligence should be adopted and regulated responsibly to support inclusive, job-rich growth.
Oyedele also highlighted the importance of international cooperation in managing shared challenges, including energy insecurity, food price volatility, supply-chain disruptions, debt vulnerability and climate change.
Georgieva described the global economy as resilient, with growth projected at about 3.1 per cent through 2026. However, she warned that the overall figure concealed widening differences between economies benefiting from digital transformation, artificial intelligence investment and critical-mineral supply chains and those constrained by high energy costs, conflict or limited access to technology.
She said persistent energy and food price pressures were keeping interest rates and debt-servicing costs elevated.
Georgieva urged governments to rebuild fiscal buffers, preserve central bank independence, invest in digital infrastructure and skills, and pursue faster debt treatment under the G-20 Common Framework. She also called for further IMF quota reform.
Van Trotsenburg said the World Bank had mobilised about $27.4 billion in crisis-related financing, with 10 countries activating dedicated crisis-response instruments and 19 others redirecting existing resources to urgent needs.
He also warned of El Niño-related risks to food security and grain prices.
The World Bank official said the institution remained focused on expanding electricity access, healthcare and digital connectivity, while supporting job creation in tourism, healthcare, food systems and manufacturing.
He added that mobilising private capital and climate finance remained part of the bank’s efforts to support developing economies.
Other G-24 members also backed reforms to the international financial system.
