The Intergovernmental Group of Twenty-Four (G24) has called for cheaper concessional financing for developing countries, warning that they pay about $500 billion more in debt costs than developed economies.
The group said the high cost of borrowing was placing additional pressure on developing economies, limiting their ability to finance development priorities and respond to growing economic challenges.
Nigeria’s Minister of Finance and chair of the G24, Taiwo Oyedele, made the call on Tuesday during a press briefing at the 2026 annual meetings of the International Monetary Fund (IMF) and the World Bank in Bangkok, Thailand.
The G24, which represents the interests of developing countries in international monetary and development finance discussions, is seeking improved access to affordable funding to ease the burden on its member economies.
Concessional financing typically comes with more favourable terms than commercial loans, including lower interest rates and longer repayment periods. Such funding can help developing countries finance infrastructure, healthcare, education and other essential public services without accumulating unsustainable debt.
The reported $500 billion disparity highlights concerns about the unequal cost of accessing international capital, with developing economies often facing higher borrowing costs than wealthier countries.
The G24’s appeal comes as policymakers gather in Bangkok to discuss global economic challenges, development financing and the financial pressures facing emerging and developing economies.
The group is urging international financial institutions and development partners to improve access to affordable financing, as countries seek to balance debt repayments with the need to invest in economic growth.
Further details on the specific measures proposed by the G24 were not provided in the information available.
