Oyedele: Developing Countries Overpay $500bn on Debt, Urges IMF, World Bank to Act

The Group of 24 (G-24) has warned that developing countries are paying about $500 billion more in borrowing costs than developed economies, calling on the International Monetary Fund (IMF) and the World Bank to make concessional financing more affordable to prevent debt obligations from undermining economic development.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, who chairs the G-24, said the rising cost of borrowing was constraining developing countries’ ability to finance infrastructure, create jobs and improve living standards.
Addressing the G24 press briefing at the ongoing IMF/World Bank Annual Meetings in Bangkok, Thailand, Oyedele urg...