IMF, World Bank Should Help Developing Nations to Boost Tech and Banks

The International Monetary Fund (IMF) and other international financial institutions should help developing nations strengthen banks and boost technology, a communique released at the end of a finance ministers conference of the Group of 24, or G-24, in Washington, DC said.

WASHINGTON (Sputnik) — The document also called on international lenders to help developing nations cope with falling commodity prices, as well as battle money laundering by terrorists and criminals.

"We call on the IMF, the World Bank and global financial regulators, to develop concrete measures to address the decline of correspondent banking, as a result of de-risking by global banks," the communique stated on Thursday.

Thursday’s meeting marked the 95th session of the Intergovernmental Group of the Group of 24 Developing Nations.

The group was established in 1971 to coordinate development and monetary policies with the IMF, World Bank and other multi-national lenders and regulators. The group includes developing nations such as India, Colombia, Nigeria and the Philippines.