Recto Urges IMF, World Bank to Act Against Rising Postpandemic Poverty
April 18, 2024
8:17AM PHT
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Finance Secretary Ralph G. Recto highlighted the dire economic state of developing nations, noting that one in four is now poorer than before the start of the pandemic.
Finance Secretary Ralph Recto presides over the G-24 Ministerial Meeting in Washington D.C. where he urged multilateral lending institutions to accelerate support for developing nations. — Photo courtesy of DOF
During the recent G-24 Ministerial Meeting which he chaired, Recto urged the World Bank and IMF to accelerate their support to these countries, stressing the urgency for innovative financing solutions.
The Finance chief emphasized that immediate action is crucial to prevent long-term economic setbacks and ensure the peace and prosperity of future generations.
“Any slowdown in global economic performance will surely hit the developing economies the hardest. This poses a grave threat to the peace, economic security, and prosperity of all our people.”
- Ralph Recto
Recto's call reflects a broader push for equitable support from major financial institutions amid global economic uncertainties.
