Ministers of the Intergovernmental Group of Twenty-Four International Monetary Affairs and Development (Group of 24 or G24) said here on Friday that the global crisis requires global solutions with the participation of all countries.
At the 81st meeting of the Ministers of the Group of 24, which was established in 1971 to coordinate the positions of developing countries on international monetary and development finance issues, participating ministers stressed that the global financial and economic crisis that originated in mature markets "was continuing to have a disproportionate effect on developing countries through various channels."
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World Bank President Robert Zoellick arrives at the G-24 Ministers session of the spring IMF-World Bank meeting in Washington April 24, 2009
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Those channels include falling prices of primary commodities, sharply contracting exports, declining remittances, negative net private capital flows, and credit crunch affecting many countries.
"As a result, developing countries are faced with sharp declines in growth and falling reserves culminating in rising unemployment and poverty," says a communique adopted at the meeting.
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Eurogroup chairman Jean-Claude Juncker pauses during a news conference following the G7 Finance Ministers meeting in Washington April 24, 2009.
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The ministers expressed particular concern about the impact of the crisis on the poorest and most vulnerable countries. They noted that the risks of a further and more protracted deterioration in the world economy remain considerable, says the communique.
They also welcomed the commitment made by G20 leaders at their London summit earlier this month to take the needed measures to stimulate demand and restore confidence in the financial system, and to address the deep-seated weaknesses in the regulation of national and international financial markets, and called for concerted and swift implementation of these commitments.
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Japanese Finance Minister Kaoru Yosano makes remarks to the media after a morning round of G-7 talks, which will continue through the weekend as part of the IMF and World Bank Spring Meetings, in Washington April 24, 2009.
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The ministers called on all countries to resist protectionist measures in trade, investment, and labor services.
Adib Mayaleh, governor of the Central Bank of Syria, chaired the meeting with Guido Mantega, minister of finance of Brazil as first vice-chairman, and Trevor Manuel, minister of finance of South Africa as second vice-chairman.
Also, the ministers underscored the importance of an early conclusion to the Doha Round world trade negotiations, that places the needs of developing countries at its center, and urged developed countries to eliminate subsidies that are hurting the agricultural sector and the poor in developing countries.
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French Minister of the Economy, Industry and Employment Christine Lagarde gestures as she makes remarks to the press after a day of G-7 talks, which will continue through the weekend as part of the IMF and World Bank Spring Meetings, in Washington, April 24, 2009
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They welcomed the decision of the UN General Assembly to convene a conference on the World Financial and Economic Crisis and its Impact on Development, to be held in New York on June 1-3 this year.
The next meeting of the G24 ministers is expected to take place on Oct. 3, 2009 in Istanbul, Turkey.