Business Daily from THE HINDU group of publications
Tuesday, Apr 28, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Tuesday, Apr 28, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Financial Institutions ‘Open, merit-based process needed for selecting IMF chief’ Our Bureau Chennai, April 27 The RBI Governor, Dr D. Subbarao, has called for a more open and merit-based process of picking the top management of the International Monetary Fund. Speaking as leader of the Indian delegation to the International Monetary and Financial Committee in Washington on Saturday, Dr Subbarao said, “We call for the introduction of an open, merit-based process, irrespective of nationality and geographical preferences, for the selection of the senior management of the Fund. The next Managing Director of IMF should be selected in this manner.” Dr Subbarao called for speedy implementation of the decisions taken at the recent G-20 summit. Underscoring India’s commitment to taking its due share in raising the resources of the IMF, Dr Subbarao urged the General Review of quotas that is currently on, to consider doubling of quota resources at the minimum. He also pressed the need for finalising modalities for raising both loan and subsidy resources for concessional assistance to low income countries. He said, “We call for an early and front-loaded allocation of SDRs worth $250 billion which would amount to about three-quarters of the present quota size of the Fund. This would provide developing countries with additional liquidity of about $100 billion, of which $19 billion will go to low-income countries. There is a need to widen and deepen the market for SDRs through an expansion of the voluntary agreements.” More Stories on : Financial Institutions | People
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