As global economy slows, Phl bats for intensified financing solutions

The Philippines has called on multilateral financial institutions to step up support and financing solutions to developing nations as the global economy hits a critical point of further slowdown.

- LOUISE MAUREEN SIMEON

As the Philippines chairs the Intergovernmental Group of Twenty-Four G-24) Ministerial Meeting in Washington, Finance Secretary Ralph Recto maintained that ramped up support from international financial institutions has never been more urgent than now.

The Philippines currently serves as the chair of the G-24 Bureau, which helps coordinate the positions of developing countries on international monetary and development finance issues to ensure that their interests are adequately represented in negotiations on international monetary matters.

As such, Recto urged the World Bank, the International Monetary Fund and other development partners to boost their efforts in assisting developing countries mitigate and reverse the factors threatening growth prospects.