Minister of Planning and International Cooperation Ashraf El-Araby and Luxor Governorate Secretary General Alaa Harras inaugurated the annual meetings of the Intergovernmental Group of 24 (G-24) developing countries in Luxor on Monday.

“We are hosting the technical meetings for the G-24 in order to prepare for the [International Monetary Fund and the World Bank Group] 2014 spring meetings in Washington next April,” the minister said in an interview with satellite channel CBC Extra.

“Egypt is honoured to be heading the G-24 during the current cycle,” El-Araby added.

The two day event, which takes place between 10 and 11 March, will discuss few main topics such as the developments in the international economy and assessing the economic decisions that needs to be made in order to address these developments, El-Araby noted.

The minister pointed out that, through holding the technical meeting in Luxor, the country is delivering a strong message to the world that it is safe and secure.

The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development was established in 1971 and include members from Africa such as Algeria, Côte d’Ivoire, Egypt, Ethiopia, Gabon, Ghana, Nigeria as well as Latin America’s Argentina, Brazil, Colombia, Guatemala, Mexico and Asia’s India, Iran, Lebanon, Pakistan, Philippines, Sri Lanka and Syria.

The group aims to coordinate the position of developing countries on monetary and development issues, particularly issues on the agendas of the International Monetary and Financial Committee and the Development Committee. It also seeks to ensure increased representation and participation of developing countries in negotiations on the reform of the international monetary system.