In the meeting of G 24 countries held at
today, Finance Minister, Shri Pranab Mukherjee was elected unanimously as the Second Vice Chair. Shri Pranab Mukherjee was also the Finance Minister in 1982-84 when Istanbul held the chair last time in G-24. India
He would automatically become the 1st Vice Chair in 2010-11 and then in 1011-12 he would be the Chair of G 24 countries.
was the Chair, Syria was the 1st Vice Chair and Brazil was the 2nd Vice Chair. So from now onwards the Chair ( South Africa ), 1st Vice Chair ( Brazil ) and South Africa (2nd Vice Chair) would all be countries that form part of the IBSA group. India
The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24) was established in 1971. Its main objective is to concert the position of developing countries on monetary and development finance issues. It consists of the countries from each of the three regions –
Africa, Latin America and the Caribbean, and Asia:
Member countries are as follows:
Region I (
Africa): , Algeria , Côte d'Ivoire , Egypt , Ethiopia , Gabon , Ghana , Nigeria and the Democratic Republic of Congo. South Africa
Region II (
Latin America and the Caribbean): , Argentina , Brazil , Colombia , Guatemala, Mexico , Peru and Trinidad and Tobago . Venezuela
III ( Asia and developing countries of Europe): , India , Iran , Lebanon , Pakistan , Philippines and Sri Lanka . Syrian Arab Republic
Countries that are members of the G-77 are welcome to attend G-24 meetings as Observers while the People's Republic of
enjoys the status of "Special Invitee" and addresses the plenary sessions of the G-24. China
The G-24 operates at two levels - the political level of Ministers of Finance / Central Bank Governors and the level of officials designated as the Deputies. There are three office-bearer countries: the Chair, the First and Second Vice Chair, representing the three regions and constituting the G-24 Bureau. An elected country takes up the Second Vice Chair position for the first 12-month period, becomes First Vice Chair the following year and assumes the Chair in the year thereafter.