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

Arrested Football Officials Come Mainly From the Americas

US Justice Department alleges defendants participated in 24-year scheme to enrich themselves through corruption of international soccer More

Video Kenyans Lament Al-Shabab's Recruitment of Youths

VOA travels to Isiolo, where residents share their fears, struggles to get loved ones back from Somalia-based militant group More

This US Epidemic Keeps Getting Worse

One in 4 Americans suffers from this condition 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.
A Small Oasis on Kabul's Outskirts Provides Relief From Security Tensionsi
X
May 26, 2015 11:11 PM
When people in Kabul want to get away from the city and relax, many choose Qargha Lake, a small resort on the outskirts of Kabul. Ayesha Tanzeem visited and talked with people about the precious oasis.
Video

Video A Small Oasis on Kabul's Outskirts Provides Relief From Security Tensions

When people in Kabul want to get away from the city and relax, many choose Qargha Lake, a small resort on the outskirts of Kabul. Ayesha Tanzeem visited and talked with people about the precious oasis.
Video

Video Film Festival Looks at Indigenous Peoples, Culture Conflict

A recent Los Angeles film festival highlighted the plight of people caught between two cultures. Mike O'Sullivan has more on the the Garifuna International Film Festival, a Los Angeles forum created by a woman from Central America who wants the world to know more about her culture.
Video

Video Kenyans Lament Losing Sons to al-Shabab

There is agony, fear and lost hope in the Kenyan town of Isiolo, a key target of a new al-Shabab recruitment drive. VOA's Mohammed Yusuf visits Isiolo to speak with families and at least one man who says he was a recruiter.
Video

Video Scientists Say Plankton More Important Than Previously Thought

Tiny ocean creatures called plankton are mostly thought of as food for whales and other large marine animals, but a four-year global study discovered, among other things, that plankton are a major source of oxygen on our planet. VOA’s George Putic reports.
Video

Video US-led Coalition Gives Some Weapons to Iraqi Troops

In a video released Tuesday from the Iraqi Ministry of Defense, Iraqi forces and U.S.-led coalition troops survey a cache of weapons supplied to help Iraq liberate Mosul from Islamic State group. According to a statement provided with the video, the ministry and the U.S.-led coaltion troops have started ''supplying the 16th army division with medium and light weapons in preparation to liberate Mosul and nearby areas from Da'esh (Arabic acronym for Islamic State group).''
Video

Video Amnesty International: 'Overwhelming Evidence' of War Crimes in Ukraine

Human rights group Amnesty International says there is overwhelming evidence of ongoing war crimes in Ukraine, despite a tentative cease-fire with pro-Russian rebels. Researchers interviewed more than 30 prisoners from both sides of the conflict and all but one said they were tortured. Henry Ridgwell reports for VOA from London.
Video

Video Washington Parade Honors Those Killed Serving in US Military

Every year, on the last Monday in the month of May, millions of Americans honor the memories of those killed while serving in the armed forces. Memorial Day is a tradition that dates back to the 19th Century. While many people celebrate the federal holiday with a barbecue and a day off from work, for those who’ve served in the military, it’s a special day to remember those who made the ultimate sacrifice. Arash Arabasadi reports for VOA from Washington.
Video

Video Kenya’s Capital Sees Rise in Shisha Parlors

In Kenya, the smoking of shisha, a type of flavored tobacco, is the latest craze. Patrons are flocking to shisha parlors to smoke and socialize. But the practice can be addictive and harmful, though many dabblers may not realize the dangers, according to a new review. Lenny Ruvaga has more on the story for VOA from Nairobi, Kenya.
Video

Video Rolling Thunder Run Reveals Changed Attitudes Towards Vietnam War

For many US war veterans, the Memorial Day holiday is an opportunity to look back at a divisive conflict in the nation’s history and to remember those who did not make it home.
Video

Video Female American Soldiers: Healing Through Filmmaking

According to the United States Defense Department, there are more than 200-thousand women serving in the U.S. Armed Forces.  Like their male counterparts, females have experiences that can be very traumatic.  VOA's Bernard Shusman tells us about a program that is helping some American women in the military heal through filmmaking.

VOA Blogs

World Currencies

EUR
USD
0.9152
JPY
USD
122.70
GBP
USD
0.6494
CAD
USD
1.2374
INR
USD
63.925

Rates may not be current.