G24

G-24, or the Group of Twenty-Four, is an intergovernmental organization of developing countries formed in 1971 to coordinate positions on international monetary matters and to promote reforms of the international financial system. The group functions as a common forum for its members to articulate shared concerns in dealings with the International Monetary Fund, the World Bank, and other global financial institutions, and to develop policy proposals aimed at improving representation and governance in the world economy.

Membership and structure: The G-24 comprises 24 member states from Africa, the Americas, Asia, and the Middle East. Member countries are represented by their ministers of finance and central bank governors. The group operates with a rotating chair and a small permanent secretariat, often in coordination with the IMF, and its leadership changes periodically among member states.

History and purpose: The G-24 was established in the context of shifts in global economic power after the Bretton Woods era. It was created to enable developing countries to coordinate positions on monetary issues, advocacy for reform of IMF governance and lending practices, and consideration of macroeconomic policies that affect developing economies.

Activities and influence: The group holds regular meetings and issues communiqués, background papers, and policy recommendations. It engages in negotiations with IMF and other institutions to push for greater voice for developing countries, more equitable lending terms, and quotas that reflect current economic realities. While its influence varies over time, the G-24 remains a key platform for collective policymaking among its members.