Mukherjee wants considerable change in G-24 role

A day after he took over the chairmanship of the G-24, Finance Minister Pranab Mukherjee today said that the role of this international grouping has considerably changed in the past two decades.

"G-24 role has considerably changed from the 70s and 80s," he said in his interaction with the Indian media here.

Incidentally, Mukherjee was elected Chair of G-24 in 1983-84 when he was the Finance Minister. Nearly three decades later, he has again been elected to the prestigious post.

G-24 was founded in 1971 to coordinate the positions of developing countries on international monetary and development finance issues.

"I had been elected chairman of G-24 in 1983-84 and again in 2011-12. Normally it does not happen," Mukherjee said.

"Today quite a large number of G-24 members are important players and their economy is very string like China, India and Argentina. Therefore the type of character G-24 had in the 70s and 80s is no longer relevant now," he said.

"We are not asking for more money. We are also addressing the problems which are affecting all of us," Mukherjee said.

India has taken over the chairmanship of G-24 from South Africa.

"I do believe that the G-24 has an important role to play in fostering dialogue amongst developing countries and in supporting a more inclusive approach in global economic and financial cooperation including on the development agenda," he said in his acceptance speech.

"However, as we have discussed, realizing this potential will require enhancing the effectiveness of the Group and adapting its role to the changing landscape of global governance. A key prerequisite for effectiveness will be to agree on a limited set of priorities which are of vital importance to us and where we can make a difference," he said.