Trying to build consensus on next IMF chief: FM

Emerging economies huddle around for non-European head

A day after Prime Minister Manmohan Singh questioned the practice of appointing a European as the head of the International Monetary Fund,finance minister Pranab Mukherjee said emerging economies are trying to build a consensus on the issue.

I am in touch with some of the finance ministers of developing countries and emerging economies. We are trying to consolidate our position where we can take a view, Mukherjee said on Thursday,adding that he also spoke to the finance minister of South Africa over the phone yesterday.

Developing countries are keen that non-Europeans should also be considered for the post. Yesterday,the BRICS (Brazil,Russia,India,China and South Africa) grouping came 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.

Economic affairs secretary

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R Gopalan also stressed,The Prime Minister has clearly indicated that the appointment of IMF managing director is a powerplay. What we are focusing on is whether we have credible,open,transparent process. Our aim will be to see that the process is transparent and fair.

Lagarde may visit India to muster support

French candidate for the top post at IMF,Christine Lagarde,55,on Thursday sought Indias support,which did not commit itself. However,commerce and industry minister Anand Sharma,who is in France for an OECD meeting,met Lagarde and said India looks at the selection process as part of larger process of reforms of the Bretton Woods institution. He added that the selection process for the position of managing director has to be a transparent,consultative and participatory process. Sharma said that India has great respect for Lagarde and holds her in high esteem as chair of G20 and sees her as a friend of India. Lagarde is planning to visit India,China and Brazil to drum up support for her bid. China,Brazil and India are an absolute necessity…, she told the Wall Street Journal.