International Economic Cooperation: Intergovernmental Group of Twenty-Four (on International Monetary Affairs and Development (G-24)
The G-24 was established in 1971 by the Group of 77 (G77) and was formally created in 1972 to strengthen the analytical capacity and the negotiating strength of developing countries in discussions and negotiations with international financial institutions (IFIs). The G-24 plays an important role in achieving policy coherence and as a voice of developing countries in enhancing global economic governance. It influences the decision-making process in the IFIs and policy formulation in individual countries.
Its main objective is to collectively establish the position on monetary and development finance issues by member countries in these three regions: (a) Africa; (b) Latin America and the Caribbean; and (c) Asia. The Group engages the International Monetary Fund (IMF) and the World Bank (WB) through participation in the high-level meetings to present the position of its developing member-countries.
Currently, the G-24 has 28 Member countries1 listed below, with China as Special Invitee:
|Region I (Africa)||Algeria, Congo, Côte d'Ivoire, Egypt, Ethiopia, Gabon, Ghana, Kenya, Morocco, Nigeria, South Africa|
|Region II (Latin America and the Caribbean)||Argentina, Brazil, Colombia, Ecuador, Guatemala, Haiti, Mexico, Peru, Trinidad and Tobago, and Venezuela|
|Region III (Asia and developing countries of Europe)||China (Special Invitee) India, Iran, Lebanon, Pakistan,
Philippines, Sri Lanka, and Syria |
1 All member-countries of the G-77 that are not members of the G-24 are eligible to participate in
G-24 meetings, while the People's Republic of China enjoys the status of "Special Invitee" and addresses the plenary meetings of Ministers. There are also four (4) country observers: Angola, Indonesia, United Arab Emirates and Saudi Arabia.
The G-24 operates at two levels: (a) 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 (b) the operational level, which is run by the G-24 Liaison Office, and includes the G-24 Secretariat and the Research Coordinator. Decision-making within the G-24 is by consensus.
- There are three Chair-countries that 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.2
- The G-24 Secretariat serves as the administrative arm of the G-24 by: (a) providing logistical and secretarial support for various meetings and on the implementation of the research program; (b) ensuring effective liaison among members to facilitate consensus on issues of common interest; and (c) building strategic partnerships with other forums engaged in the same spheres of interest.
2 The Chair country is responsible 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 by staff from the G-24 Secretariat and the offices of their Executive Directors in the IMF/World Bank.
G-24 meetings. 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 (DC) of the IMF and WB, respectively. The meetings aim to coordinate the position of developing countries on monetary and development issues, particularly issues on the agendas of the IMFC and the DC, and to ensure active participation of developing countries in negotiations on the reform of the international monetary system.
The G-24 Communiqué. As the official communication of the G-24 Ministers, the G-24 communique conveys the collective stance of members on various issues critical to the Group. It covers political concerns of member countries on global economic issues, and the link between technical work and political action. The G-24 Secretariat prepares a draft with guidance from the Chair and the Bureau, which is discussed at the Committee of the Whole. G-24 communiques are published twice a year following Ministerial Meetings, and may be accessed at
The G-24 engagement with the IMF and the WB. The G-24 participates in IMF and WB meetings and organizes fora on the sidelines of said conferences. Engagement of the G-24 in the IMF and the WB are done through the interventions of the Executive Directors representing the member countries of the Group.
Workshops and Seminars. To promote knowledge sharing around issues on international monetary and financial development that are critical to its member countries, the G-24 hosts various workshops and seminars. Please see this link in the G-24 website for the list of high level meetings and seminars:
Research Outputs. To solidify the Group's position and in order to ensure sound technical backing, the G-24 conducts research studies and disseminates outputs to share information and enrich the analytical capabilities of its members relative to developed countries. Research outputs are regularly published/issued by the G-24 in various forms which include: books, discussion paper series, policy briefs, and research papers. To access these reports, please click
G-24 and the Philippines. The Philippines participates in the G-24 to strengthen the country's engagement in global discussions on the international financial and development architecture. It is primarily represented by the Secretary of the Department of Finance (DOF) in the G-24 Ministerial process.
- In 2006, the Philippines chaired the G-24 which was represented by the DOF. A delegation from the Philippines, either from the DOF or the Bangko Sentral ng Pilipinas (BSP), attends the various meetings and fora organized by the Group. Philippine authorities also provide comments and inputs to G-24 communiqués.
Recent meeting. The Philippines participated in the G-24 Ministers and Governors' Meeting held on 13 October 2020, represented by DOF and then IMF SEAVG Advisor Zeno Ronald R. Abenoja (representing the BSP). The G-24 Ministerial Meeting focused on managing the impact of COVID-19 pandemic on emerging market and developing economies (EMDEs) which requires strong concerted national policy actions and international support. The meeting provided a platform to discuss issues related to areas where the international community and multilateral organizations need to boost their support to respond effectively to the needs of EMDEs and their efforts to ensure a resilient economic recovery.