G24 chair Taiwo Oyedele said on Tuesday at the IMF and World Bank annual
meetings in Bangkok that debt vulnerabilities in many developing
economies—notably in Africa—have become a major barrier to achieving inclusive
growth, with governments facing mounting debt burdens. He estimated developing
countries pay about $500bn more in debt servicing than advanced economies, while
Widening fiscal deficits and sharply higher borrowing costs are adding pressure.
Ongoing Middle East conflict-related supply shocks and a “super” El Niño driving
up food prices are compounding strains and, Oyedele said, are hindering emerging
markets’ economic transformation and large-scale job creation.
