Developing countries start discussion on global economic prospects

Top finance officials from 24 developing countries began their discussions in Washington Saturday on prospects for global economic growth and the impact of a worldwide slowdown on their own nations.

The Group of 24 consists of an important cross section of countries across Africa, Asia and Latin America. Since its establishment in 1972, the G-24 has become the primary institutional mechanism for the coordination of developing country positions on monetary affairs.

The meeting of G-24 finance officials is expected to produce a statement to be considered by the policy-making bodies of the International Monetary Fund (IMF) and the World Bank, which meet here Sunday and Monday.

The discussions are taking place against a backdrop of weakening worldwide economic momentum, notably in the United States, Japan and Europe, that according to the IMF will have a punishing effect on the poorer nations.

The officials will also focus on lingering trade barriers in the developed world, which according to the IMF discriminate against goods from poor countries, and efforts by the IMF and the World Bank to ease the debt burden carried by the poorest nations.

The G-24 meets twice a year at the deputies and the ministerial level and makes proposals to the Interim Committee of the Board of Governors of the IMF and the Development Committee of the Board of Governors of the World Bank.

The group comprises Algeria, Argentina, Brazil, Colombia, Cote d'Ivoire, Egypt, Ethiopia, Gabon, Ghana, Guatemala, India, Iran, Lebanon, Mexico, Nigeria, Pakistan, Peru, the Philippines, the Republic of Congo, Sri Lanka, Syria, Trinidad-Tobago, Venezuela and Yugoslavia.