FM P Chidambaram is the front-runner in the race for chairing the International Monetary & Financial Committee (IMFC), a crucial governing body at the IMF.
NEW DELHI: Finance Minister P Chidambaram is the front-runner in the race for chairing the International Monetary & Financial Committee (IMFC), a crucial governing body at the International Monetary Fund (IMF), sources said.
If Chidambaram makes it to the coveted post, he would the first leader from the emerging markets to occupy the coveted post. Till now, the IMF has been chaired by Finance Ministers from the developed world.
Finance Ministers of Canada and Italy are also in the race for the influential post.
The position has been vacant since July after the previous incumbent British Finance Minister Gordon Brown vacated the post after becoming the Prime Minister. Brown chaired IMFC for a decade.
Chidambaram, who was in Germany and Brussels last week, is believed to have sought their support for his candidature.
He is also expected to canvas support in the US during his current visit.
Finance secretary D Subbarao, who is leaving for London next week, may also hold talks on the issue with his British counterparts.
The IMFC is one of the key committees of the body, which monitors transfer of resources to developing nations among other things.
It also advises the Board of Governors on matters relating to Boards functions and supervises the management of the international monetary and financial system.
The sources said the elected chairman would take over the charge before the body of 24 members holds its annual meeting next month.
They said the election of Chiadambaram could ease the current tensions over Europe's and the United States' continuing dominance of global institutions.
The first phase of election would be an elimination round in which the contender getting least number of votes will be eliminated. It will be followed by voting for the second and final round.
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