Jockeying for top two IMF posts begins Fazle Rashid

NEW YORK, May 14: The top two positions at the International Monetary Fund (IMF) will fall vacant shortly. Managing Director Dominique Strauss-kahn had earlier announced that he would not seek an extension and is nursing the hope of contesting the next French presidential race as the Socialist candidate. His deputy Johm Lipsky will quit at the end of August. Jockeying has started for both the offices. Former British Prime Minister Gordon Brown was keen on taking the top job but his aspiration was cut short by the incumbent Conservative Prime Minister David Cameron who said Brown is not fit for the job. Traditionally the post of the managing director has been occupied by an European and the number two slot by an American. The World Bank president has always been from the United States. Changes are perhaps in the offing. Both the funding agencies are shorn of fund. BRICS nation made up of Brazil, Russia, India, China and now South Africa are flush with money particularly China. China has foreign exchange reserve over $2.0trillion. The BRICS nations are willing to augment the capital base with fresh infusion of fund. But such help is contingent upon both WB and the IMF must go through an overhaul both in its policies and structures. Montek Ahluwalia, Deputy Chairman of Planning Commission of India is one of the candidates for the number two post at the IMF. Meanwhile, the availability of talents in India is shrinking. Most of Indian talents opt for more paying IT sector jobs leaving a crunch in other sectors. Business houses in India "are fighting a rise in salary demands as they strive to hold on to scare talent", an analyst said. India has the highest inflationary rate among the big Asian economies. Reserve Bank of India, country's central bank in a bid to lower the inflation raised its lending rate. Rising cost of petrol, higher wages for labour and soaring price of food have contributed to a runaway inflation. India has the highest wage inflation. There are plenty of new employment opportunities but talents are limited and trained people are few. India turns out 3.3 million graduates every year. Talent shortage is widespread, said an analyst.