NEXT IMF BOSS SHOULD COME FROM AN EMERGING ECONOMY

NEXT IMF BOSS SHOULD COME FROM AN EMERGING ECONOMY

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 NEXT IMF BOSS SHOULD COME FROM AN EMERGING ECONOMY

– Largarde Emerges IMF MD for Second Term Unopposed

– India shows interest in Lagarde’s Successor Coming from a Developing Country

NEXT IMF BOSS SHOULD COME FROM AN EMERGING ECONOMY

The Indian government has told the International Monetary (IMF) Fund that the next Managing Director of the leading global financial body should be from an emerging economy and not from Europe, which conventionally has been the condition.

NEXT IMF BOSS SHOULD COME FROM EMERGING ECONOMY -INDIA
Christine Lagarde, IMF Boss

Last month, the Christine Lagarde of France was confirmed by the IMF for her second five-year term beginning July 5. She emerged again without any other candidate in the race and India had showed support for 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.” The Indian Department of Economic Affairs Secretary, Shaktikanta Das has said.

NEXT IMF BOSS SHOULD COME FROM EMERGING ECONOMY -INDIA
Shaktikant Das, Secretary, Indian Department of Economic Affairs

“Considering today’s global economic reality, it is time that it (IMF’s MD post) went 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 explained while responding to a question on the election of the IMF Managing Director during a round table with Indian media officials.

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

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“There has been no serious pitching by non-European (countries) so far.” He noted.

According to him, there was no co-existing relationship among developing countries on this issue when Lagarde was appointed as the managing director five years ago.