Pranab elected as second vice-chair of G-24 nations

The intergovernmental group of twenty four (G-24) nations unanimously elected has elected finance minister Pranab Mukherjee as the second vice-chair of the group in Istanbul on Saturday.

India will occupy the position of the first vice-chair in 2010-11 and would become the chair in 2011-12.

Till now, Syria was the chair, Brazil the first vice-chair, and South Africa the second vice-chair, representing the three regions of the G-24. With the new order, Brazil replaces Syria as the chair, South Africa becomes the first chair, and India occupying the second vice-chair position.

This is the second time that Pranab Mukherjee has been elected for the position in G-24. Earlier, in 1982-84 also he occupied the chair, when he was the finance minister in Indira Gandhi's cabinet.

The G-24 on international monetary affairs and development was established in 1971 with the objective to concert the position of developing countries on monetary and development finance issues and consists of selected countries of the three regions: Africa, Latin America and the Caribbean and Asia.

The G-24 members include: Region I- Algeria, Cote d'Ivoire, Egypt, Ethiopia, Gabon, Ghana, Nigeria, South Africa and the Democratic Republic of Congo; Region II- Argentina, Brazil, Colombia, Guatemala, Mexico, Peru, Trinidad and Tobago and Venezuela and Region III- India, Iran, Lebanon, Pakistan, Philippines, Sri Lanka and Syrian Arab Republic.