The Cabinet’s Appointments Committee has approved former Chief Economic Adviser (CEA) Krishnamurthy Subramanian for the post of Executive Director (India) at the International Monetary Fund (IMF) for a period of 3 years starting November 1, 2022, or until further orders.
Key highlights
- Mr. K Subramanian will replace Surjit S. Bhalla who was appointed to the role in 2019.
- K. Subramanian, a professor of Finance at the Indian School of Business (ISB), stepped down as the CEA late last year after completing his three-year tenure.
- A PhD from the University of Chicago, Subramanian’s research on banking, law and finance, innovation and economic growth, and corporate governance, has been published in the world’s leading journals.
- He has further been conferred the Distinguished Alumnus award by his alma maters IIT-Kanpur and IIM-Calcutta.
About IMF
- The IMF was established in 1944 in the aftermath of the Great Depression of the 1930s. 44 founding member countries sought to build a framework for international economic cooperation. Today, its membership embraces 190 countries, with staff drawn from 150 nations.
- The Board of Governors is the highest decision-making body of the IMF. It consists of one governor and one alternate governor for each member country.
- The governor is appointed by the member country and is usually the minister of finance or the head of the central bank.
- The IMF is governed by and accountable to those 190 countries that make up its near-global membership.
- Unlike the General Assembly of the United Nations, where each country has one vote, decision making at the IMF was designed to reflect the position of each member country in the global economy.
- Each IMF member country is assigned a quota that determines its financial commitment to the IMF, as well as its voting power.
- To be effective, the IMF must be seen as representing the interests of all of its 189 member countries, from its smallest shareholder Tuvalu, to its largest, the United States.
