The Group of 24 (G24), a chapter of the G-77, was established in 1971 to coordinate the positions of developing countries on international monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on international monetary matters.
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Group of 24
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| Type | Trade bloc | |
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| Leaders | ||
| - | Chairman | Luis Videgaray Caso |
| Establishment | 1971 | |
The Group of 24 (G24), a chapter of the G-77, was established in 1971 to coordinate the positions of developing countries on international monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on international monetary matters.
The group, which is officially called the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, is not an organ of the International Monetary Fund, but the IMF provides secretariat services for the Group. Its meetings usually take place twice a year, prior to the International Monetary and Financial Committee and Development Committee meetings, to enable developing country members to discuss agenda items beforehand. Although membership in the G-24 is strictly limited to 24 countries, any member of the G-77 can join discussions. China has been a "special invitee" since the Gabon meetings of 1981.
The Chairman of G-24 is Mr.H.E.Luis Videgaray Caso. Minister of Finance ( Mexico)
Member countries by Region [edit]
Following is the list of members of G-24:-
Region I (Africa): Algeria, Côte d'Ivoire, Egypt, Ethiopia, Gabon, Ghana, Nigeria, South Africa and the Democratic Republic of Congo.
Region II (Latin America and the Caribbean): Argentina, Brazil, Colombia, Guatemala, Mexico, Peru, Trinidad and Tobago and Venezuela.
Region III (Asia): India, Iran, Lebanon, Pakistan, Philippines, Sri Lanka and Syria.
How does the G-24 operate? [edit]
The G-24 operates at two levels:
the political level, consisting of Ministers, their Deputies, the Bureau, and other Washington-based representatives who participate in the Committee of the Whole and in any ad hoc meetings; and
the operational level, which is run by the G24 Liaison Office, and includes the G24 Secretariat and the Research Coordinator. The governing body of the G-24 meets twice a year, preceding the Spring and Fall meetings of the International Monetary and Financial Committee and the Joint Development Committee of the World Bank and the International Monetary Fund. The plenary G-24 meetings are addressed by the heads of the IMF and the World Bank Group as well as by senior officials of the UN system. Issues are first discussed by the Deputies and culminate at the Ministerial level by the approval of a document that sets out the consensus views of member countries. The Ministerial document is released as a public Communiqué at a press conference held at the end of the meetings. Decision-making within the G-24 is by consensus.
External links [edit]
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