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

developing countries A developing country is a sovereign state with a less-developed Secondary sector of the economy, industrial base and a lower Human Development Index (HDI) relative to developed countries. However, this definition is not universally agreed upon. ...

aimed at easing their

debt Debt is an obligation that requires one party, the debtor, to pay money Loan, borrowed or otherwise withheld from another party, the creditor. Debt may be owed by a sovereign state or country, local government, company, or an individual. Co ...

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 occu ...

), narrowing the

income gap In economics, income distribution covers how a country's total GDP is distributed amongst its population. Economic theory and economic policy have long seen income and its distribution as a central concern. Unequal distribution of income causes ...

with rich countries and lifting their people out of

poverty Poverty is a state or condition in which an individual lacks the financial resources and essentials for a basic standard of living. Poverty can have diverse Biophysical environmen ...

History

King Abdullah of

Jordan Jordan, officially the Hashemite Kingdom of Jordan, is a country in the Southern Levant region of West Asia. Jordan is bordered by Syria to the north, Iraq to the east, Saudi Arabia to the south, and Israel and the occupied Palestinian ter ...

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 Croatia, officially the Republic of Croatia, is a country in Central Europe, Central and Southeast Europe, on the coast of the Adriatic Sea. It borders Slovenia to the northwest, Hungary to the northeast, Serbia to the east, Bosnia and Herze ...

Ecuador Ecuador, officially the Republic of Ecuador, is a country in northwestern South America, bordered by Colombia on the north, Peru on the east and south, and the Pacific Ocean on the west. It also includes the Galápagos Province which contain ...

Georgia Georgia most commonly refers to: * Georgia (country), a country in the South Caucasus * Georgia (U.S. state), a state in the southeastern United States Georgia may also refer to: People and fictional characters * Georgia (name), a list of pe ...

El Salvador El Salvador, officially the Republic of El Salvador, is a country in Central America. It is bordered on the northeast by Honduras, on the northwest by Guatemala, and on the south by the Pacific Ocean. El Salvador's capital and largest city is S ...

Honduras Honduras, officially the Republic of Honduras, is a country in Central America. It is bordered to the west by Guatemala, to the southwest by El Salvador, to the southeast by Nicaragua, to the south by the Pacific Ocean at the Gulf of Fonseca, ...

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, ...

Morocco Morocco, officially the Kingdom of Morocco, is a country in the Maghreb region of North Africa. It has coastlines on the Mediterranean Sea to the north and the Atlantic Ocean to the west, and has land borders with Algeria to Algeria–Morocc ...

Pakistan Pakistan, officially the Islamic Republic of Pakistan, is a country in South Asia. It is the List of countries and dependencies by population, fifth-most populous country, with a population of over 241.5 million, having the Islam by country# ...

Paraguay Paraguay, officially the Republic of Paraguay, is a landlocked country in South America. It is bordered by Argentina to the Argentina–Paraguay border, south and southwest, Brazil to the Brazil–Paraguay border, east and northeast, and Boli ...

, and

Sri Lanka Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka, also known historically as Ceylon, is an island country in South Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal, separated from the Indian subcontinent, ...

. 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 economic history