The scramble for International Monetary Fund managing director's chair has escalated into a war of sorts with developing nations calling for a change in the power equation.
Brazil, Russia, India, China and South Africa came out in the open on Tuesday to oppose the notion that the next Managing Director of the International Monetary Fund (IMF) should be from Europe and argued that such a selection criteria undermines the legitimacy of the fund.
Pakistan is not raising revenues to the optimum extent. The tax to the GDP ratio is below 10 per cent.
One of the names proposed by the dailies is India's Planning Commission Deputy Chairman, Montek Singh Ahluwalia.
Dominique Strauss-Kahn, the head of the International Monetary Fund, who has been charged with a criminal sex act and is under arrest in the United States, has resigned from his position, leaving the global financial body to hunt for a new chief.
International Monetary Fund chief Dominique Strauss-Kahn, who is facing damaging allegations of sexually assaulting a hotel maid, has been put on suicide watch by prison authorities who fear he may try to kill himself.
Strauss-Kahn allegedly sexually assaulted the 32-year-old maid, who happened to be in his $3,000 a night suite at the Hotel Sofitel in Times Square on Saturday afternoon, thinking it was empty.
International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn today commended India's role in managing capital inflows, which have already crossed $50 billion this year--about 4 per cent of the country's Gross Domestic Product (GDP).
International Monetary Fund managing director Dominique Strauss-Kahn on Thursday said he favoured new heads of the World Bank and the Fund to be from countries other than Europe and the United States.
"There are indications that the world could be engulfed in another economic crisis, with serious repercussions for the poor and vulnerable. In such circumstances, we need to be prepared to think out of the box and reflect on what are the important issues the World Bank should be addressing," Finance Minister Pranab Mukherjee said in Washington.
Finance Minister Pranab Mukherjee is cutting short his visit to Washington and rushing to New York to meet Prime Minister Manmohan Singh, amid a storm back home over his ministry's note to the prime ministers on the 2G scam.
On Wednesday, Mukherjee addressed two press conferences at the International Monetary Fund.
The country's foreign exchange reserves rose by $1.73 billion for the week ended October 31 to $315.91 billion, show Reserve Bank of India (RBI) data released on Friday, marking one of the sharpest rises ever.
'Nations like India with high inflation and public debt should be cautious'
If India can fast utilise currency flows for long-term projects, the regulatory regime could be more liberal.
"The challenge for many emerging and some developing economies (is) to ensure that present boom-like conditions do not develop into overheating over the coming year," the IMF said in its World economic Outlook report.
Foreign currency assets, a major component of the overall reserves, rose by $1.404 billion to $338.897 billion in the reporting week
India's reliance on domestic factors for growth and its comfortable foreign exchange reserves would help the nation to insulate itself from the Euro-zone debt crisis, financial services firm, ING said.
The overall breadth was extremely positive as 1,809 stocks advanced while 982 declined.
A US judge on Tuesday dismissed all sex crime charges against former International Monetary Fund head Dominique Strauss-Kahn, a move that could bolster his plans to contest the next French presidential elections in 2012.
Former chief economic advisor on life in government and the reform years.
While the Reserve Bank and the Economic Survey of the finance ministry have projected India to grow at 6.9 per cent and 6.5 per cent in current fiscal, the International Monetary Fund estimates it to be 6.6 per cent.
'The inflow of FII or FDI has not distorted the market sentiments and therefore there is no question of putting any curbs.'
The global financial system needs more regulatory reforms to reduce the possibility of another meltdown, according to experts at International Monetary Fund.
The review will now make it mandatory for the world's top 25 financial economies to undergo IMF's surveillance. The check-up was earlier voluntary in nature.
The allocations for military have been made while outlays on the development and non-development budgets have been slashed by 50 per cent and 20 per cent respectively to create fiscal space for rehabilitating the flood-affected population.
The International Monetary Fund on Wednesday warned that there are significant risks of the crisis recurring, as long as global banking system remains strained.
In recent times, the multilateral lending agency extended financial aid to crisis-hit nations such as Greece and Romania.
Yojana Bhawan is working overtime to complete the crucial Approach paper to the 12th Plan amidst a buzz that Planning Commission Deputy Chairman Montek Singh Ahluwalia may get a Cabinet berth in the reshuffle expected soon.
The Guinean maid, who accused former International Monetary Fund chief Dominique Strauss-Kahn of sexual assault, may face perjury charges and she can also be deported from the United States following claims that she lied under oath, a news report said.
The Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 per cent this year, the International Monetary Fund said on Tuesday. However, India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, thus regaining the position of the fastest growing emerging economy, surpassing China's projected growth rate of 8.2 per cent, the IMF said in its latest 'World Economic Outlook' report.
The marginal decline in reserves was on account of fall in foreign currency assets
He also said that India is in touch with other member countries of the multilateral body in this matter.
Process of selecting the next IMF managing director should transcend North Atlantic considerations.
Strauss-Kahn, 62, allegedly forced the maid at the Sofitel hotel in Manhattan to perform oral sex.
UAE's Minister of State for Financial Affairs Obeid Humaid Al Tayer said on Sunday that the UAE's support for Lagarde came as a result of her role in leading the French Ministry of Finance and in recognition of her achievements, as well as the efforts she has made during the G20 meetings under the rotating presidency of France.
India could emerge as the world's third largest economy by 2030.
"India did a self-assessment (by the Committee on Financial Sector Assessment, or CFSA) of its financial sector in 2009. This has given us the confidence to get our financial sector evaluated by international financial institutions like IMF and the World Bank. We have voluntarily sought a full-fledged Financial Sector Assessment Programme," Finance Minister Pranab Mukherjee said at the second International Finance Conference at the Indian Institute of Management, Calcutta.
The International Monetary Fund on Thursday said capital control measures could be valuable for countries like Brazil and India, facing excessive short-term capital inflows that threaten to damage their economies. "Capital control are a little bit in the eye of the beholder, but it is certainly a part of the toolkit," said IMF spokesperson Caroline Atkinson at a news briefing.
Asia has more than one candidate who fits the bill.
