International Financial Support for Emerging Markets

The Philippines, through its Department of Finance, has called on international financial institutions such as the World Bank and IMF to increase their support for emerging markets and developing economies. The high-level meeting focused on enhancing global support amid complex challenges like economic shocks, climate change, and geopolitical tensions. The World Bank introduced the Project Preparation Facility to help countries prepare development projects, and the IMF discussed the importance of policy actions to buffer vulnerabilities. The G-24 communiqué emphasized promoting innovative financial instruments, climate action, and multilateral cooperation.