ID :
185061
Sat, 05/28/2011 - 21:24
Auther :
Shortlink :
https://www.oananews.org//node/185061
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IMF contest: Rich nations don't want to give up power, says PM
From V Mohan Narayan
On Board PM's Special Aircraft, May 28
(PTI) Amid tussle for top IMF post, Indian Prime Minister Manmohan Singh on Saturday said struggle for a "equitable" world order will take long as rich nations do not want to give up power easily.
"... those who exercise power, do not want to give up
power easily," he said on the possible candidates for the post
of the International Monetary Fund (IMF) Managing Director,
which fell vacant following resignation of disgraced Dominique
Strauss-Kahn.
"The struggle for a better, balanced and more equitable
world order, including the management of global institutions
like the IMF, World Bank, (UN) Security Council is going to be
a long haul, I am afraid," he told reporters, who accompanied
him during the Africa visit.
Hoping that a consensus would emerge, Singh said India is
in touch with various countries.
However, there is a desire in Europe for a European
should occupy the coveted position because very large
proportion of IMF funds is in the continent which is dealing
with the Euro zone tensions, Singh said.
The developing countries, including India, have been
pressing for transparency in the selection of the new IMF
chief, even as Europe has announced French Finance Minister
Christine Lagarde as its candidate.
The BRICS (Brazil, Russia, India, China and South Africa)
grouping has come out in the open to oppose the notion that
the next IMF chief should be from Europe and argued that such
a selection criteria undermines the legitimacy of the fund.
The Prime Minister said top positions in international
financial institutions must not go to specific countries as a
matter of right.
"We would like to remind the industrialised world that
...the best available talent in the world should be available
to man these (global) institutions, that is our general
position," Singh said.
Conventionally, the chief of the IMF has always been an
European, while the World Bank has always been headed by an
American.
Since the US and European nations have over 50 per cent
voting shares in the financial institution, it would be very
difficult for any candidate outside these countries to reach
the top IMF post.
French candidate Christine Lagarde, if appointed, would
be the first woman to head the global emergency lender.
On Board PM's Special Aircraft, May 28
(PTI) Amid tussle for top IMF post, Indian Prime Minister Manmohan Singh on Saturday said struggle for a "equitable" world order will take long as rich nations do not want to give up power easily.
"... those who exercise power, do not want to give up
power easily," he said on the possible candidates for the post
of the International Monetary Fund (IMF) Managing Director,
which fell vacant following resignation of disgraced Dominique
Strauss-Kahn.
"The struggle for a better, balanced and more equitable
world order, including the management of global institutions
like the IMF, World Bank, (UN) Security Council is going to be
a long haul, I am afraid," he told reporters, who accompanied
him during the Africa visit.
Hoping that a consensus would emerge, Singh said India is
in touch with various countries.
However, there is a desire in Europe for a European
should occupy the coveted position because very large
proportion of IMF funds is in the continent which is dealing
with the Euro zone tensions, Singh said.
The developing countries, including India, have been
pressing for transparency in the selection of the new IMF
chief, even as Europe has announced French Finance Minister
Christine Lagarde as its candidate.
The BRICS (Brazil, Russia, India, China and South Africa)
grouping has come out in the open to oppose the notion that
the next IMF chief should be from Europe and argued that such
a selection criteria undermines the legitimacy of the fund.
The Prime Minister said top positions in international
financial institutions must not go to specific countries as a
matter of right.
"We would like to remind the industrialised world that
...the best available talent in the world should be available
to man these (global) institutions, that is our general
position," Singh said.
Conventionally, the chief of the IMF has always been an
European, while the World Bank has always been headed by an
American.
Since the US and European nations have over 50 per cent
voting shares in the financial institution, it would be very
difficult for any candidate outside these countries to reach
the top IMF post.
French candidate Christine Lagarde, if appointed, would
be the first woman to head the global emergency lender.
