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Narayan Lakshman / The Hindu
Paris: The International Monetary Fund's Executive Directors from the BRICS economies have openly revolted against the prospect of the Fund's Managing Director role reverting to a European, deepening the woes of an organisation that was recently rocked to its very core by the resignation of Dominique Strauss-Kahn as its chief following sexual assault allegations.
Narayan Lakshman / The Hindu
Paris: The International Monetary Fund's Executive Directors from the BRICS economies have openly revolted against the prospect of the Fund's Managing Director role reverting to a European, deepening the woes of an organisation that was recently rocked to its very core by the resignation of Dominique Strauss-Kahn as its chief following sexual assault allegations.
In an unprecedentedly explicit articulation of long-standing resentment over the convention of selecting the MD, “in practice, on the basis of nationality,” IMF Directors from India, China, Russia, Brazil and South Africa (BRICS) said in a public statement that this “undermines the legitimacy of the Fund.”
The BRICS group, including India representative Arvind Virmani, called for the abandonment of the “obsolete unwritten convention,” that required the head of the IMF necessarily to be
from Europe. There has been no reaction yet from any other quarter within the IMF.
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