Group of Eleven (G11) is a forum, constituted by mostly

developing countries A developing country is a sovereign state with a lesser developed industrial base and a lower Human Development Index (HDI) relative to other countries. However, this definition is not universally agreed upon. There is also no clear agreem ...

aimed at easing their

debt Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The ...

burden (

government debt A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit oc ...

), narrowing the income gap with rich countries and lifting their people out of poverty.

History

King Abdullah of

Jordan Jordan ( ar, الأردن; tr. ' ), officially the Hashemite Kingdom of Jordan,; tr. ' is a country in Western Asia. It is situated at the crossroads of Asia, Africa, and Europe, within the Levant region, on the East Bank of the Jordan Rive ...

first proposed the group in 2005.

Objective

The group of eleven is a forum, constituted by mostly developing countries aimed at easing their debt burden and narrowing the gap with rich countries to lift, ‘millions out of poverty’. The specific aim is to garner market access and writing off of the debt burden so that these countries can focus all their resources on generating growth and stability.

Creation

The group was created on 20 September 2006. The group comprises mostly lower-middle-income countries.

Members

The members consist of

Croatia , image_flag = Flag of Croatia.svg , image_coat = Coat of arms of Croatia.svg , anthem = "Lijepa naša domovino"("Our Beautiful Homeland") , image_map = , map_caption = , capit ...

Ecuador Ecuador ( ; ; Quechua: ''Ikwayur''; Shuar: ''Ecuador'' or ''Ekuatur''), officially the Republic of Ecuador ( es, República del Ecuador, which literally translates as "Republic of the Equator"; Quechua: ''Ikwadur Ripuwlika''; Shuar: ' ...

Georgia Georgia most commonly refers to: * Georgia (country), a country in the Caucasus region of Eurasia * Georgia (U.S. state), a state in the Southeast United States Georgia may also refer to: Places Historical states and entities * Related to the ...

, El Salvador, Honduras,

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...

Morocco Morocco (),, ) officially the Kingdom of Morocco, is the westernmost country in the Maghreb region of North Africa. It overlooks the Mediterranean Sea to the north and the Atlantic Ocean to the west, and has land borders with Algeria t ...

Pakistan Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's fifth-most populous country, with a population of almost 243 million people, and has the world's second-lar ...

Paraguay Paraguay (; ), officially the Republic of Paraguay ( es, República del Paraguay, links=no; gn, Tavakuairetã Paraguái, links=si), is a landlocked country in South America. It is bordered by Argentina to the south and southwest, Brazil to th ...

, and Sri Lanka. The request is made to the G8.

May 2007 summit

G11 developing countries at their Summit at the Jordanian Dead Sea resort have agreed to push for cooperation with G8 industrialized nations to ease their debts and build prosperous economies. These countries and in fact most of the developing countries require fiscal and monetary space to maintain momentum on progress to lay the foundation for a diversified and sustainable economic growth. The group asked for exploring avenues for enhancing cooperation among member states to shape their future development needs and strategies as well as greater cooperation with international partners for market access, enhanced productive capacities and development of scientific and technological skills and converting debts to financing aid projects. G11 countries need targeted assistance and support from the developed countries to accelerate growth, lift millions from poverty and hasten the delivery of the fruits of reforms and social development to larger segments of their population. The G11 group need to enter into political dialogue with the G8 countries for their support to meet development objectives, encourage investment and have greater market access. Outstanding Debt on the developing countries places a great burden on export earnings and fiscal revenues. Moreover, tariffs imposed by the G8 and other developed countries on imports are the major hurdles in the way of improving the living standard of the peoples of the developing and under developed countries through export led growth.

G11 proposal on debt

The G11 argues that it is in the interest of the G8 and others to enter into arrangement with the indebted countries and convert the debts into assistance for social development projects so that the poor masses could reap the fruits of development. This would help in reducing the gap between the rich and the poor, create more job opportunities, alleviate poverty and contribute to creating an atmosphere of goodwill, fraternity and understanding among the peoples leading to the cherished objective of prosperity, peace and stability around the globe.

External links

* * {{South-South Intergovernmental organizations Third World debt cancellation activism International economic organizations Economic country classifications 21st-century diplomatic conferences Organizations established in 2006 Trade blocs 2006 in economics