India out of race for IMFC top post

India's chances to head a major committee of International Monetary Fund appears to have ended with an alliance of countries favouring Italy and Canada for the top policy job at the global financial institution.

Media reports have suggested that in the second round of voting for the post of International Monetary and Finance Committee's chairman, a group of Anglo-African countries, led by Nigeria, left the Indian camp in favour of Italy.

This left the final showdown between Canadian Finance Minister Jim Flaherty and the Italian Finance Minister Tommaso Padoa-Schioppa.

After a secret voting by the 24 members of IMFC last Friday, India, Italy and Canada were the only countries that remained in contention for the position, which was traditionally headed by Europe.

The position became vacant after Britain's Chancellor of the Exchequer Gordon Brown resigned in July to head the country's government as Prime Minister.

Once the indications were that Indian Finance Minister P Chidambaram was on his way

to become the next IMFC chairman with his candidature being backed by emerging economies like China, Russia and Brazil.

Chidambaram in his recent visit to Washington played down the notion that he was in some kind of a race stressing that this is not to be seen as an election or a contest.

"It is not an election or a contest. The 24 chairs are tyring to work out a consensus on who will chair the meeting. Hitherto Gordon Brown was chairing the meeting...for about nine to 10 years," he had told PTI.

"We have suggested that in future, the Chair must have a term limit of two to three years as in the World Bank Development Committee. That principle has been accepted," the finance minister added.

"Now what the Chairs are talking among themselves is who should chair the meeting for the next two to three years," he said.