MANILA, April 18 -- Department of Finance (DOF) Secretary Ralph Recto presided over the Intergovernmental Group of Twenty-Four (G-24) on April 16 as Chair of the Board of Governors where he called upon the international financial institutions to ramp up support for developing countries.

In a statement on Thursday, the DOF said that during the meeting, Recto urged the World Bank Group (WBG) and the International Monetary Fund to intensify efforts in assisting developing nations to mitigate the factors threatening their growth prospects.

Recto said this entails immediate access to short-term liquidity and affordable long-term financing solutions.

"Alarmingly, one in every four developing countries is now poorer than before the pandemic. ...