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Next IMF Chief Should be From Emerging Economy: India

India told the IMF that the next managing director of the top global financial body should be from an emerging economy.

Published: 16th April 2016 11:16 AM  |   Last Updated: 16th April 2016 11:16 AM   |  A+A-

By PTI

WASHINGTON: India has told the IMF that the next managing director of the top global financial body should be from an emerging economy and not from Europe, which traditionally has been the case.

Last month, the International Monetary Fund (IMF)confirmed Christine Lagarde of France for her second five-year term beginning July 5. There was no other candidate in the race and India had supported her candidacy.

"This time, there was no candidate from any other country.

It was proposed by all European countries. India supported her candidature. But while doing so we have indicated, we have informed the Fund that in the next round the managing director (MD) position should go to an individual from an emerging economy," said Union Finance Secretary Shaktikant Das.

"Considering today's global economic reality, it is time that it (IMF's MD post) goes to a non-European, from an emerging economy. We have communicated our view (to the IMF).

This round there was no other candidate as such," Das said in response to a question on the election of the IMF Managing Director during a round table with Indian mediapersons.

When asked on the response from major IMF stakeholders, Das said it is too early to comment as the next election is five years away.

"There has been no serious pitching by non-European (countries) so far," he said.

When Lagarde was selected for this position five years ago, there was no unanimity among developing countries on this issue, he pointed out.

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