October 21, 2018

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    Lankan Finance Minister Chair the G24 meeting Featured

    October 12, 2018

    The G-24 operates at the political and operational level. The political level is 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. The operational level is run by the G-24 Liaison Office, which includes the G-24 Secretariat.


    The governing body of the G-24 meets twice a year, preceding the Spring and Fall meetings of the International Monetary and Financial Committee and the Joint Development Committee of the World Bank and the International Monetary Fund which is currently being held in Bali, Indonesia. The plenary G-24 meetings are addressed by the heads of the IMF and the World Bank Group as well as by senior officials of the UN system. Issues are first discussed by the Deputies and culminate at the Ministerial level by the approval of a document that sets out the consensus views of member countries. The Ministerial document is released as a public Communiqué at a press conference held at the end of the meetings. Decision-making within the G-24 is by consensus.
    The G-24 Bureau is the executive arm of the G-24 and consists of the Chair, First Vice-Chair, Second Vice-Chair, and two previous Chairs. The Minister of the Chair-country serves for a term of one year, extending from the conclusion of the Annual Meeting of Ministers to the subsequent year’s Annual Meeting. At least a country from each of three regional groupings is always represented in the Bureau. By means of this process, the G-24 maintains continuity in its operations. The Chair country takes responsibility for preparing for meetings and running the press conference, together with the two Vice-Chairs. National officials from the office-bearer countries are assisted in this task by staff from the G-24 Secretariat and the offices of their Executive Directors in the IMF/World Bank.
    The Bureau is currently headed by
    Chair: Mangala Samaraweera, Minister of Finance and Mass Media, Sri Lanka
    First Vice-Chair: Julio Velarde, Governor of Banco Central De Reserva Del Peru
    Second Vice-Chair: Kenneth Ofori-Atta, Minister of Finance, Ghana

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