Chidambaram in race to chair IMF committee

25 September 2007

Mumbai: Finance minister P Chidambaram is in the race to chair the crucial meeting of the International Monetary & Financial Committee (IMFC), the governing body of the International Monetary Fund (IMF), sources said.

If Chidambaram makes it to the coveted post, he would the first leader from an emerging economy to occupy the coveted post. IMFC had so far been chaired by finance ministers from the developed world.

IMFC is one of the key committees of the IMF, which monitors transfer of resources to developing nations among other things.

It also advises the board of governors on matters relating to board''s functions and supervises the management of the international monetary and financial system.

Finance ministers of Canada and Italy are also in the race for the post.

The position has been vacant since July after the previous incumbent British finance minister Gordon Brown vacated the post after becoming prime minister.