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NEW DELHI: Indian Prime Minister Manmohan Singh said on Saturday it would be take time to loosen the grip of traditional powers on global institutions, appearing resigned to the prospect of a European heading the International Monetary Fund.
Singh said he knew Europeans wanted to keep the top job in global finance at a time when the IMF was deeply involved in the euro zone crisis, but that this was no argument against talent being the main criteria for recruitment.
“We would like to remind the industrialised world that there is a tacit agreement that the top positions in international financial institutions must not go to specific countries as a matter of right,” Singh said, according to a transcript of comments issued by the Foreign Ministry.
“But having said that, you do recognise that those who exercise power, they don't want to give up power and therefore the struggle for a better, balanced world order, a more equitable world order, including the management of global institutions like the IMF, World Bank, Security Council, it is going to be a long haul, I am afraid.”
The comments were made on board Singh's flight back to New Delhi from a six-day African visit.
India, along with China, Brazil, Russia and South Africa, has challenged an understanding in the recruitment process that has kept the top job in European hands ever since the IMF was created after World War Two.
But they have been unable to put up a challenger to the front-runner, French Finance Minister Christine Lagarde. None of them have voiced support for the only other declared candidate, Mexican central bank chief Agustin Carstens.
Singh said India was in touch with other countries and hoped a consensus would emerge on the successor to Frenchman Dominique Strauss-Kahn, who resigned this month after being arrested on charges of attempted rape. He denies the charges.
