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The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, or The Group of 24 (G-24) was established in 1971 as a chapter of the Group of 77 in order to help coordinate the positions of developing countries on international monetary and development finance issues, as well as and to ensure that their interests are adequately represented in negotiations on international monetary matters. Though originally named after the number of founding Member States, it now has 28 Members (plus China, which acts as a Special Invitee).[1] Although the G-24 officially has 28 member countries, any member of the G-77 can join discussions.

Intergovernmental Group of Twenty-Four
G-24 Logo.svg
AbbreviationG-24
Named afterNumber of founding Member States
Formation1971; 48 years ago (1971)
FounderGroup of 77
Founded atLima, Peru
TypeIntergovernmental trade bloc
PurposeTo aid in the coordination of the positions of developing countries on monetary and development issues
HeadquartersWashington, D.C., United States
MethodsCollective bargaining, lobbying, reports and studies
FieldsInternational trade
Membership (2019)
29 Member States
Chair of the Group of 77
Julio Velarde
Parent organization
Group of 77
AffiliationsUnited Nations
Websitewww.g24.org

Although the group is not an organ of the International Monetary Fund, but the IMF provides secretariat services for the Group. Its meets biannually, first prior to the International Monetary and Financial Committee, and secondly prior to the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund. These meetings allow developing country members to discuss agenda items prior to these important meeetings of the IMF/World Bank.

Member StatesEdit

 
Members of the Group of 24 as of 2019.

Following is the list of members of G-24:[1]

Region I (Africa):

Region II (Latin America and the Caribbean):

Region III (Asia):

ObserversEdit

The following act as observers states of the G-24:[2]

The following act as institutional observers of the G-24:[2]

Operation of the G-24Edit

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 PublicationsEdit

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. [3]

LeadershipEdit

The following compose the leadership of the Group:[4]

Chairs of the G-24Edit

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

ReferencesEdit

  1. ^ a b "Members". Intergovernmental Group of 24. Intergovernmental Group of 24. n.d. Retrieved 19 February 2019.
  2. ^ a b "Observers". Intergovernmental Group of 24. Intergovernmental Group of 24. n.d. Retrieved 19 February 2019.
  3. ^ "Working Papers | G-24". G-24. Retrieved 2018-11-13.
  4. ^ "Organizational Structure and Governance | G-24". G-24. Retrieved 2018-10-02.

External linksEdit