BRICS,PM for change: Why only European as IMF chief

Those who wield power do not wish to yield ground so early,says Prime Minister Manmohan Singh

Executive directors of BRICS nations (Brazil,Russia,India,China and South Africa) on the IMF board today issued a joint statement stating it was time to scrap the obsolete unwritten convention that the head of the International Monetary Fund should be from Europe.

If the Fund is to have credibility and legitimacy,its MD should be selected after broad consultation. It should result in the most competent person being appointed as Managing Director,regardless of his or her nationality, the statement said,adding that adequate representation of developing countries was critical to the IMFs legitimacy and effectiveness.

On Africa tour,Prime Minister Manmohan Singh also called upon developing countries to fight along together to bring about this change. While the reorganisation of global institutions (the IMF and World Bank) has been high on the agenda for a long time,he noted,international relations beyond a point are power relations.

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Those who wield power do not wish to yield ground so early, Singh said in Addis Ababa,asked if India was disappointed with the West rallying behind French Finance Minister Christine Lagard for the top IMF job. If elected,she will be the eleventh consecutive European to head the IMF since 1944.

The previous occupant,Dominique Strauss-Kahn,had to quit after being accused of sexual assault.

The BRICS executive directors noted that the recent financial crisis in developed countries underscored the urgency of reforming international financial institutions to reflect the growing role of developing countries.

The IMFs next Managing Director should not only be a strongly qualified person,with solid technical background and political acumen,but also a person committed to continuing the process of change and reform of the institution so as to adapt it to the new realities of the world economy,the statement signed by the five directors said.

Nepal’s Home Minister Ramesh Lekhak resigns after 19 killed in ‘Gen Z’ protests

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