Group of 24

Group of 24
G-24 countries in green
Observer nations in lime
Type Trade bloc
Member states
Leaders
• Chairman
Mangala Samaraweera
Establishment 1971

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.

The Chairman of the G-24 is Mangala Samaraweera, Minister of Finance and Mass Media, Sri Lanka. The First Vice-Chair is Julio Velarde, Governor of Banco Central De Reserva Del Peru, and the Second Vice-Chair: Kenneth Ofori-Atta, Minister of Finance, Ghana.[2]

Member countries by Region

Following is the list of members of G24:-

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.[3]

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:

YearChair
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


  1. ↑ "Observers | G-24". G-24. Retrieved 2018-10-02.
  2. ↑ "Organizational Structure and Governance | G-24". G-24. Retrieved 2018-10-02.
  3. ↑ "Members | G-24". G-24. Retrieved 2018-10-02.
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