India Took over the Presidency of the G-24 Group after a Gap of 28 Years

India on 22 September 2011 took over the presidency of the G-24 group of 24 developing countries after a gap of 28 years.  Indian finance minister Pranab Mukherjee took over the Presidency of the group from South African finance minister Pravin J Gordhan. Egypt was elected the Vice Chair of the group. The last time India held the Presidency of the group was in 1983-84. Interestingly, Pranab Mukherjee was the Finance Minister at the time and thus chaired the G-24.

Members of G-24 group are spread equally over Asia, Africa and Latin America. From Asia, the members include Lebanon, Pakistan, India, Iran, the Philippines, Syria and Sri Lanka. There are eight members each from Africa and Latin America.

G-24 was Established in 1971. It coordinates the position of developing countries on monetary and development issues, particularly issues on the agendas of the IMF and the World Bank. The group was formed to balance the influence of the G-10 economic grouping.