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

At Khmer Rouge Court, Long-Awaited Verdict Approaches

First phase of trial, which is coming to an end, has focused on forced exodus of Phnom Penh in 1975 - and now many are hopeful justice will be served More

Video When Fighting Eases, Gazans Line Up at Bakeries

When there is a lull in the conflict, residents who have been hunkered down in their apartments rush out to stock up on food and other necessities More

Video Information War Rages Alongside Real One in Ukraine

Downing of Malaysian airliner, allegations of cross-border shelling move information war in war-torn country to a new level 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.
Information War Rages Alongside Real One in Ukrainei
X
Al Pessin
July 31, 2014 8:13 PM
The downing of the Malaysian airliner two weeks ago, and allegations that Russians are shelling Ukrainian troops across the border, have moved the information war swirling around the Ukrainian conflict to a new level. VOA's Al Pessin reports from Kyiv.
Video

Video Information War Rages Alongside Real One in Ukraine

The downing of the Malaysian airliner two weeks ago, and allegations that Russians are shelling Ukrainian troops across the border, have moved the information war swirling around the Ukrainian conflict to a new level. VOA's Al Pessin reports from Kyiv.
Video

Video When Fighting Eases, Gazans Line Up at Bakeries

When there is a lull in the conflict in Gaza, residents who have been hunkered down in their apartments rush out to stock up on food and other necessities. Probably the most important destination is the local bakery. VOA’s Scott Bobb reports from Gaza City.
Video

Video US-Funded Program Offers Honduran Children Alternative to Illegal Immigration

President Obama and Central American leaders recently agreed to come up with a plan to address poverty and crime in the region that is fueling the surge of young migrants trying to illegally enter the United States. VOA’s Brian Padden looks at one such program in Honduras - funded in part by the United States - which gives street kids not only food and safety but a chance for a better life without, crossing the border.
Video

Video 'Fab Lab' Igniting Revolution in Kenya

The University of Nairobi’s Science and Technology Park is banking on 3-D prototyping to spark a manufacturing revolution in the country. Lenny Ruvaga has more for from Nairobi's so-called “FabLab” for VOA.
Video

Video Gazans in Shelled School Sought Shelter

Israel's air and ground assault against Hamas-led fighters in Gaza has forced many Palestinians to flee their homes, seeking safety. But safe places are hard to find, as VOA’s Scott Bobb reports from Jabaliya.
Video

Video Rapid Spread of Ebola in West Africa Prompts Global Alert

Across West Africa, health officials are struggling to keep up with what the World Health Organization describes as the worst ebola outbreak on record. The virus has killed hundreds of people this year. U.S. President Barack Obama and other world leaders are watching the developments closely as they weigh what actions, if any, are needed to help contain the disease.
Video

Video Michelle Obama: Young Africans Need to Embrace Women's Rights

U.S. first lady Michelle Obama urged some of Africa's best and brightest to advocate for women's rights in their home countries. As VOA's Pam Dockins explains, Obama spoke to some 500 participants of the Young African Leaders Initiative, a six-week U.S.-based training and development program.
Video

Video Immigrant Influx on Texas Border Heats Up Political Debate

Immigrants from Central America continue to cross the U.S.-Mexico border in south Texas, seeking asylum in the United States, as officials grapple with ways to deal with the problem and provide shelter for thousands of minors among the illegal border crossers. As VOA's Greg Flakus reports from Houston, the issue is complicated by internal U.S. politics and U.S. relations with the troubled nations that immigrants are fleeing.
Video

Video Study: Latino Students Most Segregated in California

Even though legal school segregation ended in the United States 60 years ago, one study finds segregation still occurs in the U.S. based on income and race. The University of California Los Angeles Civil Rights Project finds that students in California are more segregated by race than ever before, especially Latinos. Elizabeth Lee reports for VOA from Los Angeles.

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.