India will on Sep 22 take over the presidency of G-24, a group of 24 developing countries, after a gap of almost three decades, it was officially announced Monday.
Finance Minister Pranab Mukherjee will attend the 86th ministerial meeting of G-24 Sep 22 in Washington. "Towards the end of the meeting, Pravin J. Gordhan, finance minister of South Africa will hand over the Presidency of G-24 to the Indian finance minister," the finance ministry said in a statement here.
India will be chairing the G-24 Ministers after a gap of almost three decades.
The G-24 meeting is being held on the sidelines of the annual meeting of the International Monetary Fund (IMF) and the World Bank.
At the upcoming meeting, the G-24 ministers will discuss the "strategy and action plan for enhancing the effectiveness of the group".
The G-24 ministers will also discuss the issues affecting the global economic recovery in view of the uncertainties in the developed economies, especially in the US and European countries.
Members of G-24 group are spread equally over Asia, Africa and Latin America. From the Asian region, the members of the group include India, Iran, Lebanon, Pakistan, the Philippines, Sri Lanka and Syria.
It also has 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.