Delhi seeks Dhaka's support to elect Chidambaram for IMFC chair

FE Team | Published: September 06, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

Shakhawat Hossain
International Monetary Fund's (IMF) South Asian Executive Director Adarsh Kishore has sought Bangladesh's support to election of Indian Finance Minister P Chidambaram next chairman of the International Monetary and Financial Committee (IMFC), sources said.
He sought the support in a letter to Finance and Planning Adviser Mirza Azizul Islam as the election to the post will be held in the current month.
Quoting the letter, sources said the finance minister of the Russian Federation proposed the name of P Chidambaram to run for the next IMFC chair.
The IMFC chair has fallen vacant as Gordon Brown relinquished the post after his elevation to the post of Prime Minister of the United Kingdom.
Two other candidates running for the job are James M Flaherty, finance minister of Canada, and Tommaso Padoa-Schioppa, finance minister of Italy. Their names were proposed by Mexico and the European Union respectively.
According to the IMF, the IMFC has the responsibility of advising and reporting to the Board of Governors on matters relating to the Board of Governors' functions in supervising the management and adaptation of the international monetary and financial system.
The monetary and financial system includes operation of the adjustment process, reviewing developments in global liquidity and transfer of resources to developing countries, considering proposals by the Executive Board to amend the Articles of Agreement, and dealing with disturbances that might threaten the system.
The IMFC was established on September 30, 1999 by a resolution of the IMF Board of Governors. It replaced the Interim Committee of the Board of Governors on the International Monetary System which had been established in 1974.
The IMFC usually meets twice a year, in September or October before the Bank-Fund Annual Meetings, and in March or April.