DEFINITION of Group of 11 - G11
The Group of 11 (G-11) is a group of developing countries created to ease members' debt burdens so they can direct their resources to economic development. The G-11 came into existence on September 20, 2006 and was originally conceived of by King Abdullah of Jordan. The group is mostly made up of lower-middle income countries.
The G11 member countries are: Croatia, Ecuador, El Salvador, Georgia, Honduras, Indonesia, Jordan, Morocco, Pakistan, Paraguay and Sri Lanka.
BREAKING DOWN Group of 11 - G11
The Group of 11 (G-11) member countries believe that their debt hinders their development in that it consumes much of their export earnings and fiscal revenues. They believe it is in the interest of G-8 countries that their debt is written off and/or converted into assistance for economic development projects.
In addition, tariffs imposed by the G88 and other developed countries also hamper the growth of national income and the improvement of living standards, which often pursue development via export-led growth. The group, therefore, also seeks to work with member countries of the Group of Eight (G-8) for increased market access, lower tariffs and investment. G-11 members believe that the international donor community can help accelerate global peace and security by helping those countries achieve sustained economic growth.