The Finance and the Economy Minister, Larry Howai, is calling on the group of 24 nations to take a leadership role in formulating appropriate mechanisms to facilitate an orderly and predictable restructuring of sovereign debt.
Mr. Howai made the call while speaking at the annual spring meetings of the International Monetary Fund and the World Bank Group in Washington D.C.
He says Caribbean economies are locked in a vicious cycle of low growth and high debt and because of their middle-income status, concessional financing is generally unavailable.
Mr. Howai is insisting that a collaborative approach is needed by International Financial Institutions and other stakeholders to generate the best possible outcome for restructuring sovereign debt within the regional.
The G24 group of nations is a chapter of the G-77, which 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.
Membership in the grouping is strictly limited to 24 countries; however, any member of the G-77 can join discussions. China has been a “special invitee” since the Gabon meetings of 1981.
G24 member countries are : Trinidad and Tobago, Algeria, Côte d’Ivoire, Egypt, Ethiopia, Gabon, Ghana, Nigeria, South Africa and the Democratic Republic of Congo, Argentina, Brazil, Colombia, Guatemala, Mexico, Peru, Venezuela, India, Iran, Lebanon, Pakistan, Philippines, Sri Lanka and Syria