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IMF contest: Rich nations don`t want to give up power, says PM

Last Updated: Saturday, May 28, 2011 - 22:12

On Board PM`s Special Aircraft: Amid tussle
for top IMF post, Prime Minister Manmohan Singh on Saturday said
struggle for a "equitable" world order will take long as rich
nations do not want to give up power easily.

"... those who exercise power, do not want to give up
power easily," he said on the possible candidates for the post
of the International Monetary Fund (IMF) Managing Director,
which fell vacant following resignation of disgraced Dominique

"The struggle for a better, balanced and more equitable
world order, including the management of global institutions
like the IMF, World Bank, (UN) Security Council is going to be
a long haul, I am afraid," he told reporters, who accompanied
him during the Africa visit.
Hoping that a consensus would emerge, Singh said India is
in touch with various countries.

However, there is a desire in Europe for a European
should occupy the coveted position because very large
proportion of IMF funds is in the continent which is dealing
with the Euro zone tensions, Singh said.
The developing countries, including India, have been
pressing for transparency in the selection of the new IMF
chief, even as Europe has announced French Finance Minister
Christine Lagarde as its candidate.


First Published: Saturday, May 28, 2011 - 22:12

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