News / Economy

India Remains Non-Committal on IMF Job

Indian Finance Minister Pranab Mukherjee greets his French counterpart Christine Lagarde in New Delhi, India, Tuesday, June 7, 2011
Indian Finance Minister Pranab Mukherjee greets his French counterpart Christine Lagarde in New Delhi, India, Tuesday, June 7, 2011
Anjana Pasricha

India remains non-committal on supporting French Finance Minister Christine Lagarde for the top job at the International Monetary Fund.  Lagarde visited the Indian capital during a campaign to counter opposition from emerging nations to the seven-decade convention of having a European IMF leader.

After meeting French Finance Minister Christine Lagarde in New Delhi, Indian Finance Minister Pranab Mukherjee extended no assurances about India’s support for her candidacy.

Mukherjee reiterated that India wants the job to go to the best candidate.

“We want selection of the managing director of IMF or that of the World Bank should be on the basis of merit, competence in a transparent manner, not according to any particular nationality,” said Mukherjee.

Lagarde’s visit to India is part of a tour to gather support for her bid for the job, which fell vacant after IMF head Dominique Strauss-Kahn was arrested on sexual assault charges. She is focusing on emerging nations, which have criticized the tradition of a European IMF head as obsolete. Lagarde came to New Delhi from Brazil, and next travels to China.  

After meeting Indian Prime Minister Manmohan Singh, the finance minister and finance officials, Lagarde said she agreed with Indian officials the selection process should be open, transparent and merit-based.

“We also agreed on the fact that nationality, region of origin, should not either prejudice or privilege a particular candidate,” she said.

Lagarde said Indian officials had “positive views” on her credentials. She said many countries will decide whom to back only after the last date for applying for the job closes on June 10.

Indian officials did not say whether emerging countries will name their own candidate for the IMF job. Finance Minister Mukherjee said “there is a divergence of views in respect of different candidates,” indicating there is no consensus.

Developing economies have been lobbying for a greater role in the governance of financial institutions, pointing to their growing role in the global economy.

Lagarde promised to support more representation for countries like India, China and Brazil, saying emerging nations need more focus at the IMF.

“I think that process is an ongoing process," she said. "There has to be a constant review of the relationship between the size of the economy, its contribution to world GDP, and its population has to be clearly taken into account, and its voice and quota at the IMF.”

Another candidate for the job, Mexico Central Bank Governor Agustin Carstens, also is expected to visit India this week.

You May Like

China Investigates Former Powerful Security Chief

Former security chief and member of Politburo Standing Committee, Zhou Yongkang, under investigation for suspected 'serious disciplinary violation' More

India, US Look to Reset Ties During Kerry Visit

This week's talks will be first high level interaction between two countries since Prime Minister Narendra Modi took charge More

Video Young African Leadership Program Renamed to Honor Mandela

YALI program, launched by President Obama in 2010, aims to build skills in business, entrepreneurship, public management and civic leadership More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Vietnamese Staging Chinese Product Boycott After Oil Rig Spati
X
Reasey Poch
July 28, 2014 7:18 PM
China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video ESA Spacecraft to Land on a Comet

After a long flight through deep space, a European Space Agency probe is finally approaching its target -- a comet millions of kilometers away from earth. Scientists say the mission may lead to some startling discoveries about the origins of the water on earth. VOA’s George Putic has more.
Video

Video Young Africans Arrive in US for Leadership Program

President Barack Obama's Young African Leadership Initiative has brought hundreds of young Africans to the United States for a six-week program aimed at building their knowledge and skills in fields such as public administration and business. Out of the 50,000 young Africans who applied for the program, just one percent was accepted. VOA's Laurel Bowman caught up with some of those who made the cut and has this report.
Video

Video In Honduras, Amnesty Rumors Fuel US Migration Surges

False rumors in Central America are fueling the current surge of undocumented young people being apprehended at the U.S. border. The inaccurate claims suggest the U.S. will give amnesty to young migrants from the region. As VOA's Brian Padden reports from Honduras, these rumors trace back to President Obama's 2012 executive order to halt deportations for some young undocumented immigrants already living in the United States.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.

AppleAndroid

World Currencies

EUR
USD
0.7305
JPY
USD
101.53
GBP
USD
0.5830
CAD
USD
1.0656
INR
USD
60.075

Rates may not be current.