Emerging powers like India should head IMF, World Bank: IMF chief
By IANSThursday, December 2, 2010
NEW DELHI - Appreciating India’s rising stature as an economic power, IMF managing director Dominique Strauss-Kahn Thursday said the next heads of the World Bank and the International Monetary Fund (IMF) should be from emerging economies like India.
“Lets be candid. The (era of ) so-called agreements between the US and Europeans whereby the IMF head used to be European and the World Bank president American is over,” Strauss-Kahn told reporters
after meeting Finance Minister Pranab Mukherjee here.
There have been reports that India was pushing for the appointment of Planning Commission Deputy Chairman Montek Singh Ahluwalia as the next managing director of the IMF.
“I think it will be just fair that the next leader of the two institutions will come from somewhere else in the world,” Strauss-Kahn added.
Asked about the meeting with Strauss-Kahn, Mukherjee said,”We had a very fruitful meeting. Our relationship with IMF is expanding.”
India has been demanding a greater say for emerging markets in the global economic governance structure, reflecting their changing importance and their role in recovery from one of the worst global financial crisis in decades.
Mukherjee has on more than one occasion told western countries that the relative power in the board of directors and the board of governors of institutions like the IMF and the World Bank should reflect the changing global economic reality or else the legitimacy of these bodies could be questioned.
“At the next round of G20 meeting, big emerging economies like India will be asked to play an increasing role. Influence of India in global economy will increase. India is becoming one of the leading power houses in the world,” said Strass-Kahn.
