Question

What ware the demands of group 77 countries?

Answer 1

The G-77 countries consists of a group of 77 developing countries which came into existence in late 20 century to demand a New International Economic Order(NIEO). In order to preserve economic stability and full employment in the industrial world the United Nations Monetary and Financial Conference was held in July 1944 at Bretton Woods in New Hampshire (USA). In this conference two International Institutions was set up namely the International Monetary Fund (IMF) and International Bank for Reconstruction and Development (IBRD or the World Bank). These institutions are also known as the Bretton Woods Twins.