What is the Intergovernmental Group of Twenty Four?

The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24) was established in 1971. Its main objective is to concert the position of developing countries on monetary and development finance issues. It consists of the following countries from each of the three regions:

(1) Africa

(2) Latin America and the Caribbean, and

(3) Asia

Member countries are as follows:  

•  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 and developing countries of Europe): India, Iran, Lebanon, Pakistan, Philippines, Sri Lanka and Syrian Arab Republic.

How does the G24 operates?

Countries that are members of the G-77 are welcome to attend G-24 meetings as Observers while the People's Republic of China enjoys the status of "Special Invitee" and addresses the plenary sessions of the G-24.

The G-24 operates at two levels:

a) the political level of Ministers of Finance / Central Bank Governors and

b) the level of officials designated as the Deputies.

There are three office-bearer countries: the Chair, the First and Second Vice Chair, representing the three regions and constituting the G-24 Bureau.   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. Presently the composition of the Bureau is as follows:

Chair H.E. Mr. Guido Mantega Minister of Finance - Brazil
First Vice Chair H.E. Mr. Pravin Gordhan Minister of Finance - South Africa	Second Vice-Chair H.E. Mr. Pranab Mukherjee Minister of Finance - India

The G-24 meets twice a year, preceding the Spring and Fall meetings of the International Monetary and Financial Committee (IMFC) 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.

Discussions on issues are carried by the Deputies and culminate at the Ministerial level by the approval of a document that sets out the consensus views of member countries on issues of special interest to the members. 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 Chair country takes responsibility for preparing 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 offices of their Executive Directors in the IMF/World Bank.

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Last modified: 07/20/10