Ethiopia has spoken at the G24 meeting. The meeting took place during the 2024 World Bank and IMF Annual Meetings in Washington D.C. Minister of Finance H.E. Ahmed Shide led the Ethiopian delegation. The delegation advocated for reforms to the Bretton Woods system. The goal is to make the system more responsive to a changing world.
The Bretton Woods Agreement, signed by representatives from 44 nations in 1944, established a global financial order based on a fixed exchange rate system. This system used gold as the universal standard for currency valuation. The agreement also led to the creation of two key institutions: the International Monetary Fund (IMF) and the World Bank, which were designed to promote international monetary cooperation and economic development.
Minister Ahmed Shide emphasized the need for:
Innovative financial safety nets: He stressed the importance of creating mechanisms that provide quick and affordable liquidity to countries facing crises.
Increased financing for developing economies: He called for significantly scaling up the funding provided by multilateral development banks, offering low-interest, long-term loans to help developing countries access resources without accumulating unsustainable debt.
IMF reforms for greater representation: He advocated for quota, representation, and governance reforms within the IMF to ensure emerging markets and developing countries have access to adequate financing and decision-making power proportional to their economic weight.
In his closing remarks, Minister Ahmed expressed Ethiopia's gratitude for the long-standing partnership with the World Bank and IMF, which has been crucial in advancing the country's economic and social development.