Finance Minister Pranab Mukherjee was on Saturday unanimously elected Second Vice Chair of G-24 countries at its meeting held at Istanbul. Mr. Mukherjee was the Union Finance Minister in 1982-84 when India held the chair of G-24 last time.
According to an official statement here, the Minister would automatically become the First Vice Chair in 2010-11 and then in 2011-12, he would be the Chair of G-24 countries.
Till now, Syria was the Chair, Brazil was the First Vice Chair and South Africa the Second Vice Chair. So from now onwards, the Chair (Brazil), First Vice Chair (South Africa) and India (Second Vice Chair) would all be countries that form part of the IBSA (India-Brazil-South Africa) group.
The G-24 on international monetary affairs and development was established in 1971. Its main objective is to concert the position of developing countries on monetary and development finance issues. It consists of countries from each of the three regions Africa, Latin America and the Caribbean, and Asia.