India on Thursday took over the presidency of the G-24 group of 24 developing countries after a gap of 28 years.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.Mukherjee took over the presidency of the group from South African Finance Minister Pravin J Gordhan. Egypt has been elected the vice chair of the group.
Members of G-24 group are spread equally over Asia, Africa and Latin America. From the Asian region, the members include Iran, Lebanon, Pakistan, the Philippines, Sri Lanka and Syria.
There are eight members each from Africa and Latin America.
Established in 1971, the group is tasked with coordinating 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.
