CURRENT AFFAIRS

Detailed explanation-1: -Currently the Republic of Cuba is the Chair of the Group of 77 in New York for the year 2023. The South Summit is the supreme decision-making body of the Group of 77.

Detailed explanation-2: -G-77 - An Overview. G-77 is the largest intergovernmental organization of developing countries in the United Nations. India is a member of this group. Guyana took over the chairmanship of G-77 in 2020, succeeding Palestine which held the chairmanship in 2019.

Detailed explanation-3: -Islamabad: Pakistan has been elected the next chair of the Group of 77 (G77) for the year 2022 at the 45th ministerial meeting held virtually.

Detailed explanation-4: -Complete answer: The G-77 group was formed at the United Nations Conference on Trade and Development (UNCTAD). It was formed by the International Monetary Fund and the World Bank which are also known as Bretton Woods Twins to meet the financial needs, problems such as poverty, lack of resources etc.

Detailed explanation-5: -Group of 77 (G-77), loose alliance of developing countries established on June 15, 1964. The name of the group derives from the 77 original signatories to the Joint Declaration of the Seventy-Seven Countries at the conclusion of the United Nations Conference on Trade and Development (UNCTAD) in Geneva.