Group of 24

The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, or The Group of 24 (G-24) was established in 1971 as a chapter of the Group of 77 in order to help coordinate the positions of developing countries on international monetary and development finance issues, as well as and to ensure that their interests are adequately represented in negotiations on international monetary matters. Though originally named after the number of founding Member States, it now has 28 Members (plus China, which acts as a Special Invitee).[1] Although the G-24 officially has 28 member countries, any member of the G-77 can join discussions.

Intergovernmental Group of Twenty-Four
Members of the Group of 24 as of 2019.
Named afterNumber of founding Member States
Formation1971; 50 years ago (1971)
FounderGroup of 77
Founded atLima, Peru
TypeIntergovernmental trade bloc
PurposeTo aid in the coordination of the positions of developing countries on monetary and development issues
HeadquartersWashington, D.C., United States
MethodsCollective bargaining, lobbying, reports and studies
FieldsInternational trade
Membership (2019)
29 Member States
Chair of the G-24
Akbar Komijani
Parent organization
Group of 77
AffiliationsUnited Nations

Although the group is not an organ of the International Monetary Fund, the IMF provides secretariat services for the Group. Its meets biannually, first prior to the International Monetary and Financial Committee, and secondly prior to the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund. These meetings allow developing country members to discuss agenda items prior to these important meetings of the IMF/World Bank.