Puneet Varma (Editor)

Group of 24

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Type
  
Trade bloc

Establishment
  
1971

Group of 24

Member states
  
24 countries  Algeria  Argentina  Brazil  Colombia  Democratic Republic of the Congo  Egypt  Ethiopia  Gabon  Ghana  Guatemala  India  Iran  Ivory Coast  Lebanon  Mexico  Nigeria  Pakistan  Peru  Philippines  South Africa  Sri Lanka  Syria  Trinidad and Tobago  Venezuela

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.

Contents

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 G24 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 G24 is Dr. Abraham Tekeste, Minister of Finance and Economic Cooperation, Ethiopia.

Member countries by Region

Following is the list of members of G24:-

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.

Operation of the G24

The G24 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 G24 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 G24 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 G24 is by consensus.

    Chairs of the G24

    The following is the list of former and current Chairs of the G24:

    References

    Group of 24 Wikipedia
    (Text) CC BY-SA