Washington, April 12:

An important group of developing countries has urged advanced nations to step up financial aid to help them deal with higher food and energy prices and the turmoil in global financial markets.

The Group of 24 Developing Countries also want the US and other major industrialised nations to deal decisively with the current economic and financial crises. They want the wealthy nations to exercise greater supervision in monitoring financial markets. The G-24 — said in a communique — that coordinated international action is needed to prevent the emergence of a larger crisis. The G-24 groups developing nations in Asia, Latin America and Africa.