Group of 77 in the context of "Jamaica Accords"

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⭐ Core Definition: Group of 77

The Group of 77 (G77) at the United Nations (UN) is a coalition of developing countries, designed to promote its members' collective economic interests and create an enhanced joint negotiating capacity in the United Nations. The group consists of a diverse set of states with a common South-South ideology. There were 77 founding members of the organization headquartered in Geneva, but it has since expanded to 134 member countries. Iraq holds its chairmanship for 2025, succeeding Uganda.

The group was founded on 15 June 1964, by 77 non-aligned nations in the "Joint Declaration of the Seventy-Seven Countries" issued at the United Nations Conference on Trade and Development (UNCTAD). The first major meeting was in Algiers in 1967, where the Charter of Algiers was adopted and the basis for permanent institutional structures was begun under the leadership of Raúl Prebisch who had previously worked at ECLA. There are Chapters of the Group of 77 in Geneva (UN), Rome (FAO), Vienna (UNIDO), Paris (UNESCO), Nairobi (UNEP) and the Group of 24 in Washington, D.C. (International Monetary Fund and World Bank).

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👉 Group of 77 in the context of Jamaica Accords

The Jamaica Accords were a set of international agreements that ratified the end of the Bretton Woods monetary system. They took the form of recommendations to change the "articles of agreement" that the International Monetary Fund (IMF) was founded upon. The agreement was concluded after meetings by a committee of the board of governors of the IMF, held on 7–8 January 1976 at Kingston, Jamaica.

The accords allowed the price of gold to float with respect to the U.S. dollar and other currencies, albeit within a set of agreed constraints. In practice the dollar had been floating in this way, in contravention of the articles of an agreement of the IMF, after the Nixon shock in 1971. The accords also made provisions for financial assistance to developing countries representing the Group of 77 member countries to compensate for lost earnings from the export of primary commodities. An amendment was made in 1978 to allow for the creation of Special Drawing Rights, described as a low-cost line of credit for developing countries.

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Group of 77 in the context of Angola–Brazil relations

Angola–Brazil relations (Portuguese: Relações Angola-Brasil) are the bilateral relations between Angola and Brazil. As former Portuguese colonies, Angola and Brazil share many cultural ties, including language (Portuguese is the official language of both countries) and religion (a majority of both countries are Roman Catholics). Both nations are members of the Community of Portuguese Language Countries, Group of 77 and the United Nations.

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Group of 77 in the context of Group of 24

The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, or The Group of 24 (G-24) was established in 1971 as a chapter of the Group of 77 in order to help coordinate the positions of developing countries on international monetary and development finance issues, as well as and to ensure that their interests are adequately represented in negotiations on international monetary matters. Though originally named after the number of founding Member States, it now has 28 Members (plus China, which acts as a Special Invitee). Although the G-24 officially has 28 member countries, any member of the G-77 can join discussions. By the 1st of November 2025, Nigeria, will assume the chairmanship of the Group.

Although the group is not an organ of the International Monetary Fund, the IMF provides secretariat services for the Group. It meets biannually, first prior to the International Monetary and Financial Committee, and secondly prior to the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund. These meetings allow developing country members to discuss agenda items prior to these important meetings of the IMF/World Bank.

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