According to HOWSMB.COM, the G-24 was founded in 1971 as an intergovernmental group for international monetary affairs and development.
Coordination of the position of the developing countries involved (own designation) at government level on aspects of financial policy and development, in particular on issues on the agenda of the International Monetary Fund (IMF) and the World Bank, as well as strengthening one’s own negotiating position in international monetary policy issues.
The graphic shows the members of the G-24 (blue) and the “special guest” China (green). Africa is represented by 9 countries, Latin America and the Caribbean are represented by 8 countries and Asia is represented by 7 countries. You will find a table overview of the members at the bottom of the page.
The G-24 works on two levels:
- the political level, consisting of ministers, their deputies, the board of directors and other Washington-based representatives, which includes the committee of the whole and in all ad hoc meetings
- the operational level, headed by the G24 Liaison Office and including the G24 Secretariat and the Research Coordinator.
The G-24 meets twice a year at the level of finance ministers and central bank chiefs / central bank governors, each time before the biannual meetings of various committees of the International Monetary Fund (IMF) and the World Bank. Representatives from the IMF, the World Bank and the UN take part. Resolutions (communiques) are made by consensus (i.e. unanimously).
The G-24 has a chair and a first and second deputy. The country elected for the first period of one year initially takes on the second chairmanship and then gradually rises upwards every year.
The G-24 is very heterogeneous and deals almost exclusively with financial aspects. With five major countries now also members of the G20, the future of the G24 remains to be seen.
Note: G-24 is a section of G-77. Its members can attend the meetings as observers and take part in the discussions. The membership of the G-24 remains strictly limited to 24. Mexico left the G-77 but remains a member of the G-24.
members of the G-24
Latin America and the Caribbean (8)
Trinidad and Tobago