Don't miss

Replay


LATEST SHOWS

PEOPLE & PROFIT

From London to Abu Dhabi: How Brexit sent shockwaves across the world

Read more

BUSINESS DAILY

Carney: UK suffering from 'economic post-traumatic stress'

Read more

ACROSS AFRICA

Liberia UNMIL mission: Peacekeepers prepare to hand over to government

Read more

MEDIAWATCH

Boris Backs Out After Brexit

Read more

EYE ON AFRICA

DRC elections: Kabila says poll will go ahead

Read more

THE DEBATE

Chaos at Westminster: UK's post-brexit leadership battle (part 1)

Read more

THE DEBATE

Chaos at Westminster: UK's post-brexit leadership battle (part 2)

Read more

ENCORE!

Matthew McConaughey and ‘Free State of Jones' shine new light on American civil war

Read more

FOCUS

Zika virus spreading fast across Puerto Rico

Read more

Business

Lagarde seeks India’s support for IMF leadership

Text by News Wires

Latest update : 2011-06-07

French Finance Minister Christine Lagarde met Tuesday with her Indian counterpart in New Delhi in a bid to garner support for her candidacy to head the International Monetary Fund (IMF) from initially reluctant emerging countries.

AFP - India's finance minister said Tuesday that the next head of the IMF should be picked on merit, not nationality, in a veiled criticism of Europe's stranglehold on the position.

"The selection of the managing director of the IMF or that of the World Bank should be on the basis of merit, competence, and (be made) in a transparent manner," Pranab Mukherjee told reporters after a meeting with the leading candidate for the job, France's Christine Lagarde.

"There should be a broad consensus. India would like to be part of that consensus.

"We are working with other countries, particularly with the (large emerging economy) BRIC countries. It's not possible to say whether there will be a common candidate."

Indian Prime Minister Manmohan Singh has conceded it will be difficult to break Europe's lock on the managing director position of the lender, but Delhi has joined other emerging countries in criticising the selection process.

Under a tradition that has existed since the formation of the IMF after World War II, a European has always headed the institution while an American leads the World Bank, the IMF's sister organisation.

Lagarde, France's finance minister, is on a world tour with stops in Brazil, India, China and Africa aimed at overcoming opposition in emerging countries to her bid to lead the institution.
 

Date created : 2011-06-07

  • Brazil

    Lagarde pledges IMF reforms as campaign tour begins

    Read more

  • ECONOMY

    Christine Lagarde: A French politician with an American pedigree

    Read more

  • IMF

    French Finance Minister announces bid to head IMF

    Read more

COMMENT(S)