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Rediff.com  » Business » No decision yet on India's preferred IMF Chief: Pranab

No decision yet on India's preferred IMF Chief: Pranab

June 17, 2011 12:16 IST

Indian flagFinance Minister Pranab Mukherjee said on Friday the government has not yet arrived at a decision regarding its choice for the next managing director of the International Monetary Fund.

He also said that India is in touch with other member countries of the multilateral body in this matter.

"There are two candidates left (in race for IMF MD's post). I am in touch with some of my counterparts and our executive director is in constant touch with executive directors of different countries. We will announce our decision at an appropriate time," Mukherjee told reporters on the sidelines of an Assocham event in New Delhi.

The IMF chief's post had fallen vacant following the exit of Dominique Strauss-Kahn last month over charges of sexual assault.

The two candidates left in the fray are French Economy Minister Christine Lagarde and Mexican central bank Governor Agustin Carstens.

Both the candidates were in India last week to seek the country's support for their election to the post.

The new IMF chief is to be elected before June 30.

During the visits of both Lagarde and Carstens, the Indian government had refused to make any commitment regarding whom they would support in the polls.

Backed by Europe, Lagarde has emerged as the front-runner for the top IMF post. Historically, the post of IMF managing director has been held by a European, while the World Bank is headed by a US nominee.

India has a voting quota of 2.34 per cent in the IMF, which has 187 countries as members.

The US is the largest shareholder in the multilateral lending agency, with a 16.8 per cent quota share.

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