News: Who will be the next head of the International Monetary Fund?


Who will be the next head of the International Monetary Fund?

Christine Lagarde, the current IMF Managing Director vacates the position ahead of schedule and search for a new head for IMF begins.
Who will be the next head of the International Monetary Fund?

As the current head Christine Lagarde, gets nominated as President of the European Central Bank and temporarily relinquishes her responsibilities at IMF, the international organization looks for a replacement.

One of the names to emerge in the list of shortlisted candidates is that of India's Senior Minister Tharman Shanmugaratnam.

Shanmugaratnam has been Chairman of the Monetary Authority of Singapore (MAS) since 2011.

He began his career in MAS' economics department, then joined the Administrative Service in 1995, in the education ministry. Later, in 2001, he returned to the MAS as Deputy Managing Director.

In the cabinet, he has also served as Minister for Education, Minister for Finance, Deputy Prime Minister (DPM), and Coordinating Minister for Economic and Social Policies.

In the recent Cabinet reshuffle, he relinquished his appointment as DPM from May 1, and stayed in Cabinet as Senior Minister. While he got redesignated as Coordinating Minister for Social Policies, he still continues to advise the PM on economic policies.

Tharman has been the first Asian to be appointed chairman of its policy steering committee, the International Monetary and Financial Committee, in 2011. He was later asked to extend his three-year term by another year, till 2015. He is also the first Asian chair of the Group of Thirty, a global body of financial experts, with his five-year term having begun on Jan 1, 2017

However, for the role of head of IMF he competes with other global leaders who are also being considered.

Among others being considered for the role is also former IMF Deputy Managing Director Agustín Carstens, who is Mexican, and global investment management firm Pimco's former Chief Executive and Mohamed El-Erian, who is American. As per the speculation, departing Bank of England governor Mark Carney is also on the list of shortlisted candidates.

In the past, IMF Managing Directors have had backgrounds as politicians, economists, civil servants and central bankers.

Let's wait and watch who takes the role this time. 

Image Credits: CNN

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Topics: Leadership, Appointments

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