Current Composition
The G15 is comprised of Algeria, Argentina, Brazil, Chile, Egypt, India, Indonesia, Iran, Nigeria, Jamaica, Kenya, Nigeria, Malaysia, Mexico, Peru, Senegal, Sri Lanka, Venezuela and Zimbabwe
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MONTEGO BAY, Jamaica (Reuters) - Leaders from developing countries moved to an exclusive Jamaican country club Thursday to put the finishing touches on proposals to ease the world's financial crisis.
The one-day retreat, modeled on the closed-door leaders' meetings held at some other international events, will give heads of delegations to the Group of 15 summit the chance to talk without ministers or aides present.
Officials said they would debate a few proposed changes to a draft communique, including a suggestion from Malaysia's outspoken leader, Mahathir Mohamad, to ``emphasize the need for both the developed and the developing world to have a voice in the process of reforming the international financial system.''
Officials said the document also will include proposals to reform the International Monetary Fund, which many delegates have criticized for proposing inappropriate recipes to the troubled economies of Asia and Latin America.
``We want to look at the multilateral institutions,'' Nigerian Planning Minister Rasheed Gbadamosi told Reuters. ''Maybe there are not enough resources available to the IMF.''
The G15, a group of 17 developing countries from Asia, Africa and Latin America, was set up to foster cooperation and provide input for other international groups, such as the World Trade Organization and the Group of Seven rich industrialized nations.
The G15 is comprised of Algeria, Argentina, Brazil, Chile, Egypt, India, Indonesia, Jamaica, Kenya, Nigeria, Malaysia, Mexico, Peru, Senegal, Sri Lanka, Venezuela and Zimbabwe.
Delegates admit the countries do not see eye to eye on all trade, development and finance issues, but they say the leaders want to step up cooperation and speak with a single voice at other international gatherings.
But all but one of the G15 Latin American heads of state stayed away from the Jamaica summit, some of them for the third or fourth successive time, and officials from the host country could barely hide their disappointment.
``Within the Asian and African representations, there is sometimes a feeling that within our region there is less than full, unqualified commitment,'' said Anthony Hill, the Jamaican prime minister's representative at the talks.
The G15 countries include both open economies such as Mexico and Argentina and those which, like Malaysia, are seeking to control capital flows.
Mahathir said Wednesday that the unbridled movement of money across borders had impoverished Asia's once-proud tiger economies and put their very independence at risk.
``The great Asian tigers are now no more,'' he said. ''Reduced to whimpering and begging, they are but a shadow of their former selves.''
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