The Group of 24, often abbreviated as G24, is a coalition of developing nations established in 1971 with the aim of promoting the collective interests of its member countries in the international monetary and financial system.
The group was founded with the support of the United Nations Conference on Trade and Development (UNCTAD).
The G24 was formed in response to the need for a unified voice for developing countries in discussions and negotiations related to global economic and financial issues.
The G-24 was created to address the concerns and challenges faced by developing countries in the realm of international finance, especially in their dealings with international financial institutions like the International Monetary Fund (IMF) and the World Bank.
While the G-24 is not an organ of the International Monetary Fund (IMF), the IMF provides services for the G-24. Meetings of the G-24 are attended by heads of the World Bank Group, the IMF, and senior UN officials. The group meets two times per year.
The G24 countries work together to advocate for policies and reforms that address the economic and financial concerns of developing nations. They often focus on issues such as debt relief, access to international finance, trade, and development assistance.
G24 membership is not strictly limited to 24 countries, and it actually had 28 full members as of December 2020.
The G-24's website listed its full members like Algeria, Argentina, Brazil, Colombia, Congo, Cote d'Ivoire, Ecuador, Egypt, Ethiopia, Gabon, Ghana, Guatemala, Haiti, India, Iran, Kenya, Lebanon, Mexico, Morocco, Nigeria, Pakistan, Peru, the Philippines, South Africa, Sri Lanka, Syria, Trinidad and Tobago, and Venezuela.
G24 is basically a chapter of Group of 77 (G77), which is the largest inter-governmental group of developing states in the United Nations.
Recently, G24 has called upon the IMF and World Bank to bring to help bring down the public debt levels that are stifling growth in some countries. According to G24, the debt burden of developing countries has hit unsustainable levels that require durable solutions including cancellation of the debt piles of some of the poorest nations.
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