New IMF chief should be from developing world
Islamabad: May 20]
The Pakistan Economy Watch (PEW) on Friday said new managing director of International Monetary Fund (IMF) should be from the developing world.
This most important international institution has been facing credibility issues due selection of politicians to run the show, it said.
The new MD should not be a politician as there are many widely respected technocrats and governors of the central banks who would serve without political considerations, said Dr. Murtaza Mughal, President, PEW.
The process of selection of new MD should be transparent with all stakeholders on board as decisions taken behind closed doors are seldom welcomed; he said adding that international community should be taken on board, as whole world is a stakeholder in this critical issue.
Many MDs of IMF have been blamed for taking decisions based on desire for popularity and pleasing electorate that has jeopardised development process in many countries, he said.
Such a mindset must be changed as it has not helped reduce poverty in the world, Dr. Murtaza Mughal demanded.
Failure of IMF at various occasions should serve as be a revelation for those who pick candidate silently, he said.
World doesn't need a IMF's chief who prefer popularity over merit and his future political considerations keep him busy.
The concept of a European leading IMF and an American ruling World Bank needs to be altered as some Asian countries have also emerged on the global economic scene that cannot be ignored anymore.
Majority of European leaders want to keep it that way which can force emerging economies to think for alternatives whom demands for greater representation at the IMF have been falling on deaf ears, said Dr. Mughal.
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Dr. Murtaza Mughal
Cell: 0321-5157671
President Pakistan Economy Watch
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