Communiqué of the First Meeting of the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24), April 5-7, 1972, Caracas, Venezuela

The inaugural Ministerial Meeting of the Group of 24 was convened in Caracas on 5-7 April 1972 on the invitation of the Government of Venezuela. The Minister of Finance of Venezuela, Pedro R. Tinoco Jr. was unanimously elected Chairman of the Meeting and the Minister of Finance of Ceylon, W. N. Perera and the Governor of the Central Bank of Algeria, M. S. Mostefai were also unanimously elected Vice-Chairmen. The purpose of the meeting was to establish the position of the developing countries on the fundamental issues concerning the reform of the international monetary system within the terms of reference specified in the declaration and working program of Lima. Mr. Pierre-Paul Schweitzer, Managing Director of the IMF, and Mr. Manuel Perez-Guerrero, Secretary-General of UNCTAD, also attended the meeting.