Group of 24

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Intergovernmental Group of 24
G-24
G-24 countries in green Observer nations in lime
G-24 countries in green
Observer nations in lime
TypeTrade bloc
Member States
Leaders
• Chairman
Julio Velarde
Establishment1971

The Group of 24 (G-24), 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 group also has three active observer countries; Indonesia, Saudi Arabia, and the United Arab Emirates; and 11 institutional observers.[1] In 2017, the Group added four new members: Ecuador, Haiti, Kenya, and Morocco.[2]

The Chairman of the G-24 is Julio Velarde, Governor of Banco Central De Reserva Del Peru. The First Vice-Chair is Kenneth Ofori-Atta, Minister of Finance, Ghana., and the Second Vice-Chair: Abdolnasser Hemmati, Governor of the Central Bank of Iran. [3]

Member countries by Region[edit]

Following is the list of members of G-24:

Region I (Africa): Algeria, Côte d'Ivoire, the Democratic Republic of Congo, Egypt, Ethiopia, Gabon, Ghana, Kenya, Morocco, Nigeria, and South Africa.

Region II (Latin America and the Caribbean): Argentina, Brazil, Colombia, Ecuador, Guatemala, Haiti, Mexico, Peru, Trinidad and Tobago and Venezuela.

Region III (Asia): India, Iran, Lebanon, Pakistan, Philippines, Sri Lanka, and Syria.[4]

Operation of the G-24[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 G-24 Liaison Office, and includes the G-24 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.

G-24 Research and Publications[edit]

The Group also maintains a research and work program that revolves around issues of importance to developing countries. In particular, the program focuses on three key areas: The global economy and growth agenda, international financial architecture, and financing for development. The global economy and growth agenda emphasizes structural transformation, trade and technology, and inequality. international financial architecture covers reform and governance of global financial institutions, the global financial safety net and managing capital flows, and financial regulation. financing for development includes taxation and international tax cooperation, infrastructure financing, debt management and sustainability, and financial inclusion. Much of the group's research, including books, policy briefs and working papers can be found on its website. [5]

Chairs of the G-24[edit]

The following is the list of former and current Chairs of the G-24:

Year Chair
2019  Peru
2018  Sri Lanka
2017  Ethiopia
2016  Colombia
2015  Lebanon
2014  Egypt
2013  Mexico
2012  India
2011  South Africa
2010  Brazil
2009  Syria
2008  Democratic Republic of Congo
2007  Argentina
2006  Philippines
2005  Gabon

References[edit]

  1. ^ "Observers | G-24". G-24. Retrieved 2018-10-02.
  2. ^ Boughton, James M. (2017-08-30). "Southern Accents: The Voice of Developing Countries in International Financial Governance". Centre for International Governance Innovation.
  3. ^ "Organizational Structure and Governance | G-24". G-24. Retrieved 2018-10-02.
  4. ^ "Members | G-24". G-24. Retrieved 2018-10-02.
  5. ^ "Working Papers | G-24". G-24. Retrieved 2018-11-13.

External links[edit]