Need for merit-based election for the post of MD, IMF

In the age of economic liberalisation, it is utmost necessary how to manage world economy in the best possible way to fight world-wide poverty, especially, in Asian and African countries. Though the western economy has been enjoying privileged position for a long time, two Asian giants India and China are doing extremely well in achieving economic growth rate and have become the fastest growing economies of the world. Both these countries are emerging as economic super powers. In recent past when the entire world was experiencing economic slump, it was India and China which overcame it in a very short time, while the world’s economic giant and sole super power the US is struggling hard to come over it. In the given scenario, when the election of Managing Director of IMF was necessiated because of involvement of Strauss Kanh MD, IMF in sexual assault case, the BRICS countries have to play a great role. To mobilise support for her election as MD, IMF, French Finance Minister Christine Lagarde is in New Delhi. She has reportedly met Prime Minister Dr. Manmohan Singh, Finance Minister Pranab Mukherjee and Deputy Chairman Planning Commission Montek Singh Ahluwalia. Mukherjee has rightly suggested her that there should be merit-based election of International Monetary Fund Managing Director.India, however, has not yet firmed up its position on selection of new IMF chief’s post which fell vacant following exit of Dominique Strauss-Kahn who is facing charges in a sexual assault case. Mukherjee has rightly suggested, keeping in mind the economic reality on the ground among the largest population of the world.IMF has to play a great role in improving economic position of poorest of the poor living in any corner of the world. So far , it has been headed by a European country while the World Bank has been headed by a US. India has rightly not given any commitment to French Finance Minister Christine Lagarde. No assurance has been given to Lagarde by Mukherjee during her visit to New Delhi for mobilising support for her candidacy for IMF Chief’s post. Mexican Governor and a brilliant banker is also in contest for IMF’s Chief post but as there is divergence of views on South African candidate among BRICS nations, it is difficult to give any concrete view on the isuue. Christine Lagarde is seeking support for her candidature to the post of Managing Director. India must play a pro-active role in the election of IMF Chief. BRICS nations must also show solidarity and exert pressure on the election of an Asian or among them for IMF Chief.