Sunday, October 4, 2009

  In the meeting of G 24 countries held at Istanbul  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 India held the chair last time in G-24. 

            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.

            Till now Syria was the Chair, Brazil was the 1st Vice Chair and South Africa was the 2nd Vice Chair. So from now onwards the Chair (Brazil), 1st Vice Chair (South Africa) and India (2nd Vice Chair) would all be countries that form part of the IBSA group.

            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, South Africa and the Democratic Republic of Congo.
*        Region II (Latin America and the Caribbean): Argentina, Brazil, Colombia, Guatemala, Mexico, Peru, Trinidad and Tobago and Venezuela.
*        Region III (Asia and developing countries of Europe): India, Iran, Lebanon, Pakistan, Philippines, Sri Lanka and 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 China enjoys the status of "Special Invitee" and addresses the plenary sessions of the G-24. 

            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.

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