Nigeria's Edun says developing nations need more from IMF and World Bank

Nigerian Finance Minister and Chair of the G-24 coalition of developing countries, Wale Edun, said multilateral institutions should do more to support vulnerable countries weather the economic shocks of the war in the Middle East.



"We would like them to do more, we definitely like them to provide, particularly at this time, additional liquidity risk management tools that bring down the cost of financing," Edun said during a briefing of the G-24 during the IMF/ World Bank Spring meetings in Washington.



The G-24 aims to coordinate the positions of developing countries on monetary and development finance issues.



Edun said that given cuts to development assistance and international aid, and the cost of repaying debts, the net financial flows to developing economies are currently negative.