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Q.

Short for Group 77 is ____ .


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Detailed Solution

Short for Group 77 is the G-77 nations that called for a new international economic order (NIEO), one that would grant them actual control over their natural resources and prevent them from falling prey to neo-colonialism, a new form of colonialism in the trade that was being practised by the former colonial powers. The International Monetary Fund and the World Bank, which were created to meet the financial needs of industrialised and developed countries but did nothing to support the economic development of former colonies and developing countries, can be seen as the Bretton Woods twins' actions, which led to the formation of the G-77.
 
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