Carstens says India, Mexico agree on more say in IMF | business | Hindustan Times
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Carstens says India, Mexico agree on more say in IMF

Mexican Central Bank chief Agustin Carstens said on Friday that India and Mexico agreed emerging markets should have a higher representation in the International Monetary Fund (IMF) as he campaigned for the global lender's top job.

business Updated: Jun 10, 2011 21:29 IST

Mexican Central Bank chief Agustin Carstens said on Friday that India and Mexico agreed emerging markets should have a higher representation in the International Monetary Fund (IMF) as he campaigned for the global lender's top job.

Carstens made the statement after visiting finance minister Pranab Mukherjee to drum up support in New Delhi for his candidacy as the window for nominations closes.

"We fully share the view that the emerging markets should have a greater representation at the institution and our voice needs to be heard more," Carstens told reporters on Friday.

India has not yet declared who it will back and emerging market governments have not presented a united candidate for the top IMF job.

Carstens' rival is French finance minister Christine Lagarde, who is favourite to take the IMF's top job despite a legal investigation hanging over her concerning a 2008 arbitration payout.

Emerging market powers like Russia, India and China want an end to Europe's grip on the top job at the international lender, given their increasing weight in the world economy.

But some see it as too early to change a years-old pact that keeps the IMF in European hands and the World Bank run by an American.

Frenchman Dominique Strauss-Kahn quit the post in May over charges he tried to rape a New York hotel maid.

The Fund will name its new managing director on June 30.