G24 calls for more World Bank assistance on poverty reduction

09:42, April 23, 2010      

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The Intergovernmental Group of Twenty-Four (G24) on Thursday called on the World Bank to offer more assistance to the developing countries for their efforts to reduce poverty.

"Ministers reaffirmed that the overarching mission of the World Bank must remain poverty reduction," said the G24 in a communique issued after the 83rd ministerial meeting, adding that the World Bank had an important role to play in mitigating the after-effects of the crisis.

"Ministers urged the Management of the World Bank to assess and meet the financial and technical assistance needs of all developing countries solely on the basis of economic and development merits," said the communique.

The G24 emphasized that the World Bank Group should be guided by complementarity rather than exclusivity and that selectivity and the division of labor among Multilateral Development Banks be ultimately driven by individual country demands.

The group also underscored the importance of enhancing World Bank Group support to south-south trade, investment and cooperation.

The G24, a charter of the developing countries' coalition G77, was established in 1971 to coordinate the positions of developing countries on international monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on international monetary matters.

The G24 meetings usually take place twice a year.



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