STUDENT OF CHANDIGARH UNIVERSITY Email ashvin.bandral@gmail.com

1. PRESENTATION ON G-24
PRESENTED BY
ASHVIN SINGH
15MBA1383

2. INTRODUCTON
The Group of 24 (G24), 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.
The Chairman of G24 is Dr. Abraham Tekeste, Minister of
Finance and Economic Cooperation, Ethiopia.

3. 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 G24 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.

4. OBJECTIVES
The G-24 was established in 1971 by the Group of 77 (G-77) and formally
created in 1972 with the following objectives:
 Keep under review the course of the international monetary situation,
take due cognizance of the studies entrusted to the Executive
Directors of the IMF at the recent meeting of the Board of Governors,
and keep the countries members of the G-77 informed.
 Evaluate events in the monetary field, as well as any decisions which
might be taken by a single country or group of countries within the
framework of IMF, relating to the interests of the developing
countries; and
 Recommend within the field of its competence to the Governments of
the G- 77 coordinated positions in the third session of the United
Nations Conference on Trade and Development, as well as in other
forums, and consider any other action as might be necessary,
including the convening of a world monetary conference within the
framework of the United Nations.

5. Member countries by Region
 Following is the list of members of G24:-
 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.

6. 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.

7. Bureau
 The G-24 Bureau is the executive arm of the G-24 and consists of the Chair, First Vice-
Chair, Second Vice-Chair, and two previous Chairs. The Bureau is currently headed by
 Chair: Abraham Tekeste, Minister of Finance and Economic Cooperation, Ethiopia
 First Vice-Chair: Ravi Karunanayake, Minister of Finance, Sri Lanka
 Second Vice-Chair: Julio Velarde, Governor of Banco Central De Reserva Del Peru

8. CHAIRS OF G-24
The Minister of the Chair-country serves for a
term of one year, extending from the
conclusion of the Annual Meeting of Ministers to
the subsequent year’s Annual Meeting. at least
a country from each of three regional groupings
is always represented in the Bureau. By means
of this process, the G-24 maintains continuity in
its operations. The Chair country takes
responsibility for preparing for 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.

9. The following is the list of former and
current Chairs of the G24:

10. Secretariat
The G-24 Secretariat is a permanent body that
serves as the administrative organ of the G-24. It is
based in Washington D.C. in the IMF Headquarters.
The functions and activities of the Secretariat
include: ensuring effective liaison among G-24
members with a view of facilitating consensus on
issues of common interest; overseeing and
implementing the work program; building strategic
partnerships and coalitions with other forums
engaged in the same spheres of interest; and
supporting the Chair and the Bureau by providing
logistical and secretarial support for the various
meetings of the G-24. The Secretariat also manages
the G-24’s research program.
Marilou Uy is Director of the Intergovernmental
Group of Twenty-Four on International Monetary
Affairs and Development (G-24).

11. Country Observers
 ECUADOR
 HAITI
 INDONESIA
 MOROCCO
 UNITED ARAB EMIRATES
 Saudi Arabia

12. UPCOMING EVENTS
 Committee of the Whole (17TH APRIL 2017,WASHINGTON D.C)
 G24-AFI Policymakers’ Roundtable (19TH APRIL 2017,WASHINGTON D.C.)
 G-24 Deputies Meeting (19TH APRIL 2017,WASHINGTON D.C.)
 G-24 Ministerial Meeting (20TH APRIL 2017,WASHINGTON D.C)