The CBI vice governor for economic affairs, Peyman Ghorbani, has been appointed first vice chair of International Monetary Fund\u2019s Group of Twenty-Four (G-24).\u00a0<\/p>\n\n\n\n
\n\tG-24 was established in 1971 to coordinate the positions of emerging \nmarkets and developing countries on international monetary and \ndevelopment finance issues. <\/p>\n\n\n\n
\n\tIt also helps ensure that their interests are adequately represented at\n the Bretton Woods Institutions, particularly in the International \nMonetary and Financial Committee (IMFC) and Development Committee \nmeetings of the IMF and World Bank. <\/p>\n\n\n\n
\n\tThe group\u2014officially called the Intergovernmental Group of Twenty-Four \non International Monetary Affairs and Development\u2014is not an organ of the\n IMF but the IMF provides secretariat services for the group. The \nministers of the group meet twice a year, prior to the IMFC and \ndevelopment committee meetings. <\/p>\n\n\n\n
\n\tAddressing a G24 virtual meeting, Ghorbani said the worldwide spread of\n coronavirus over the last three months has cut short thousands of lives\n and caused major disruptions in the global economy. <\/p>\n\n\n\n
\n\t\u201cWith close to 5,000 deaths, Iran is the hardest hit country in the \nMiddle East and the G24 members,\u201d CBI\u2019s website quoted him as saying.<\/p>\n\n\n\n
\n\tTo mitigate the effect of virus, he added, \u201cIranian authorities have \ndone their best, by employing financial, monetary and budgetary means to\n save lives and strive to manage emergency hygiene services to reduce \nfatalities and minimize the economic impact.\u201d <\/p>\n\n\n\n
\n\tGhorbani underscored the need for upholding unbiased, equal and fair \nprocedures for allocation of financial assistance by regional and \ninternational organizations. <\/p>\n\n\n\n
\n\tThe Central Bank of Iran has requested $5 billion in emergency loan \nfrom the IMF to contain spread of the infectious disease and mitigate \nits dangerous economic impact. <\/p>\n\n\n\n
\n\tHowever, there have been reports in the foreign media that the crisis \nlender may reject the request under pressure from the United States. <\/p>\n\n\n\n
\n\tJihad Azour, director of IMF\u2019s Middle East and Central Asia Department \nsaid Wednesday that the fund was gathering data from Iran over its \nrequest. <\/p>\n\n\n\n
\n\tThe G-24 met via teleconference on April 14 to discuss subjects related\n to emerging and developing countries (EMDCs) need for large-scale \nfinancial and technical support. <\/p>\n\n\n\n
\n\tAlgeria, Cote d\u2019Ivoire, Egypt, Ethiopia, Gabon, Ghana, Nigeria, South \nAfrica, the Democratic Republic of Congo, Argentina, Brazil, Colombia, \nGuatemala, Mexico, Peru, Trinidad and Tobago, Venezuela, India, Iran, \nLebanon, Pakistan, Philippines, Sri Lanka and Syria are members of the \ngroup.<\/p>\n","protected":false},"excerpt":{"rendered":"
The CBI vice governor for economic affairs, Peyman Ghorbani, has been appointed first vice chair of International Monetary Fund\u2019s Group of Twenty-Four (G-24).\u00a0 G-24 was established in 1971 to coordinate the positions of emerging markets and developing countries on international monetary and development finance issues. It also helps ensure that their interests are adequately represented […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[1088,28,639],"yoast_head":"\n