labels: international monetary fund
India, Canada, Italy in race to head IMF''s policy planning body news
01 October 2007

Mumbai: India, Canada and Italy are in the race to head the International Monetary and Financial Committee, the top policy planning body of the International Monetary Fund, that traditionally has been Europe''s preserve.

A highly secretive voting last week by the 24 members of the International Monetary and Financial Committee, or IMFC, ended in a three-way deadlock, with finance ministers from each getting eight votes.
Sources say an unusual and politically intense round of voting to choose among the three has started and it is likely that they now move to a second round to get down to two candidates.

Insiders say it is likely that the run-off will be between Canada and India, increasing chances for a historic breakthrough that could put a developing power - India - in control of the committee for the first time.

Indian finance minister P Chidambaram also seems to have won support from a group of developing and emerging countries, including China, Brazil, Russia, Argentina and Anglo-speaking African states, which want the institution to allow emerging economies a greater say in IMF decisions.

The IMFC top post came open after former British chancellor of the exchequer Gordon Brown resigned in July when he became prime minister.

The vote comes at a time when the IMF is searching for a new role in a global economic scenario where emerging powers like China and India have a greater stake.

The voting for the IMFC chairmanship was overshadowed by the appointment of former French finance minister Dominique Strauss-Kahn as the IMF''s new managing director last week.

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India, Canada, Italy in race to head IMF''s policy planning body