Rich nations don’t want to give up IMF power: India

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NEW DELHI, May 28, 2011 (AFP) – India’s prime minister Saturday said there appeared little hope that an emerging nation candidate would be chosen to head up the International Monetary Fund in the current contest. The Indian premier’s comments came a day after France announced that the country’s finance minister Christine Lagarde would visit India as part of a tour to drum up support for her bid to become the next IMF chief. Wealthy nations do not want to give up their power, the Press Trust of India quoted Premier Manmohan Singh as saying aboard a plane carrying him home from Tanzania following a six-day trip to Africa.

“The struggle for a better, balanced and more equitable world order, including the management of global institutions like the IMF, the World Bank, the (UN) Security Council, is going to be a long haul,” Singh said.

Five top emerging powers — India, Brazil, Russia, China and South Africa — have complained that the IMF top job should not automatically go to a European, as tradition dictates.

Singh said India was in touch with various nations seeking a consensus candidate to head the IMF after the resignation of Dominique Strauss-Kahn, who is on bail in the United States awaiting t