Question:
What do you understand by G-77 Countries? How can G-77 be called reaction of International Monetary Fund (IMF) and World Bank?
Answer:
•IMF and World Bank were made financial aid but Only some developed countries had dominance over them, developing countries had no benefit from it, so they formed G-77.
•Most developing countries did not benefit from the fast growth the Western economies experienced in the 1950s and 1960s.
• Therefore they organised themselves as a group – the Group of 77 (or G-77) – to demand a new international economic order (NIEO).
•By the NIEO they meant a system that would give them real control over their natural resources, more development assistance, fairer prices for raw materials, and better access for their manufactured goods in developed countries’ markets.
On this basis, the G-77 can be said to be a response to the twins of Britain Wood.
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