About the G-24

What is the G-24?

The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24) was established in 1971. The purpose of the group is to coordinate the position of developing countries on monetary and development issues, particularly issues on the agendas of the International Monetary and Financial Committee (IMFC) and the Development Committee (DC), and to ensure increased representation and participation of developing countries in negotiations on the reform of the international monetary system.

Member countries are as follows (divided by region):  

• 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.

In addition, all members of the Group of 77 that are not members of the G-24 are eligible to participate in G-24 meetings. China attends as a “Special Invitee” and addresses the plenary level meetings of Ministers.

How does the G-24 operate?

The G-24 operates at two levels:

1. the political level, comprised 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
   
   
2. 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.

The G-24 Bureau

There are three Chair-countries that together constitute the G-24 Bureau: the Chair, and the First and Second Vice Chair.  Each Chair-country represents a different region. An elected country takes up the Second Vice Chair position for the first 12-month period, becomes First Vice Chair the following year and assumes the Chair in the year thereafter. The Chair country takes responsibility for preparing for the meetings and running the press conference, together with the two Vice-Chairs. National officials from the office-bearer countries are assisted in this task by staff from the G-24 Secretariat and the offices of their Executive Directors in the IMF/World Bank. Presently the composition of the Bureau is as follows:

Chair H.E. Mr. Pranab Mukherjee Minister of Finance - India
First Vice Chair H.E. Mr. Agustín Carstens Central Bank Governor - Mexico	Second Vice-Chair H.E. Mrs. Fayza Aboulnaga Minister of Planning and International Cooperation - Egypt