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