THE Department of Finance will spearhead the government in the Intergovernmental Group of Twenty-Four (G-24) Technical Group Meetings.

The DOF, which sits as the chair of the G-24 Board of Governors, recently led the G-24 Technical Group Meetings (TGMs).

According to the department, the technical meetings recently held on Feb. 21 and 22, 2024 in Manila was aimed at tackling global challenges.

The results of the two-day TGMs, will strategize any effective ways to address the economic challenges including climate financing, changes in the global trade regime, domestic resource mobilization, and sovereign debt resolution,.

Formed in 1971, the G-24 helps coordinate the positions of developing countries on international monetary and development finance issues, as well as to ensure that their interests are adequately represented in negotiations on international development fora.

Among those discussed is the need to establish sound macroeconomic fundamentals to cushion the global economy against shocks and the need for reform to make the global financial safety net more responsive to the needs of developing countries.

Though originally named after the number of the founding member-states, the G-24 now has 29 members -- Algeria, Argentina, Brazil, China, Colombia, Congo, Côte d’Ivoire, Ecuador, Egypt, Ethiopia, Gabon, Ghana, Guatemala, Haiti, India, Iran, Kenya, Lebanon, Mexico, Morocco, Nigeria, Pakistan, Peru, the Philippines, South Africa, Sri Lanka, Syria, Trinidad and Tobago, and Venezuela.