Asian may get IMF top post

Dec. 2: Amid reports that the deputy chairman of the Planning Commission, Dr Montek Singh Ahluwalia, is one of the probables for the post of IMF chief, the fund’s managing director, Mr Dominique Strauss-Kahn on Thursday said he was in favour of the new heads of the World Bank and the IMF being from countries other than Europe and the US.

“Let us be candid. I think the so called agreement between the US and Europeans whereby the IMF head was European and World Bank president was an American is over. So I think it would be just fair that the next leaders of the two institutions will come from somewhere else in the world,” Mr Strauss-Kahn said after a meeting with the finance minister, Mr Pranab Mukherjee.

Recently a report in the New York Times had said that Dr Ahluwalia was one of the personalities whose name was frequently mentioned as Mr Strauss-Kahn’s successor.

There are reports that Mr Strauss-Kahn may run for French presidency in 2012. The New York Times report had said that Mr Strauss-Kahn’s successor is likely to be someone from the developing world. “Other names include Mr Mohamed A El-Erian, the American-born son of an Egyptian diplomat and an economist who leads the giant bond investor Pimco; Dr Montek Singh Ahluwalia, a senior Indian planning official; Mr Arminio Fraga and Mr Guillermo Ortiz, former heads of the central banks of Brazil and Mexico respectively,” the daily had said.

India’s emergence as a growing economic power house is being recognised globally. It was one of the few countries to have recovered fastest from the global slowdown and its GDP grew by a smart 8.9 per cent in the first half of 2010-11. The world is looking towards China and India to take it out of the global economic slowdown. As a recognition of the importance of emerging economies, in October the G-20 leaders had agreed to shift six per cent voting power in the IMF to emerging market economies including India and China.

Once the quota reform is implemented, India’s rank in the IMF would improve to the eighth position from the current 11th. Dr Ahluwalia has experience of working in international institutions. He has served at both the IMF and the World Bank. He has also been the finance secretary and commerce secretary in the government. Before taking over as deputy chairman of the Planning Commission, he was a director at the IMF. Dr Ahluwalia has also been an economist with the World Bank from 1968 to 1971.

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