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The G-24 financial chiefs noted that the still weak financial systems, rapid increases in sovereign debt and debt sustainability issues in some countries in the euro area are their ''particular concern.
Over the past decade, the G-24 has engaged in research activities, often supported by donations from some developed countries as well as the United Nations Conference on Trade and Development (UNCTAD), and has drafted position papers on major developing countries' issues.
Fernando Aportela, Chair of the G-24 ministers and vice minister of Finance and Public Credit of Finance Mexico, expressed his happiness regarding the fact that Egypt will chair the G-24 Group, an Intergovernmental Group of 24 on International Monetary Affairs and Development, in 2014.
After that, Mukherjee will chair the G-24 Finance Ministers' meeting, as he is currently heading the G-24 Finance Ministers' Forum.
The G-24, which includes growing powers Brazil and India, said in a communique that continuing changes are needed at the IMF and World Bank to give a greater voice to developing countries.
The G-24 nations also expressed concern that continued strains on the world's financial conditions could slow global economic growth and affect emerging economies.
In fact, he brushed off his appointment as the President of G-24 Group as a mundane feat.
The G-24 nations also stressed the need to ''increase debt relief and concessional financing, including grants,'' accompanied by ''efforts to open industrial country markets to developing country exports and to remove agriculture subsidies.
He also participated in the G-24 Finance Ministers' meeting.
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