‘Rich countries don’t want to give up power’ | delhi | Hindustan Times
Today in New Delhi, India
Apr 23, 2017-Sunday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

‘Rich countries don’t want to give up power’

delhi Updated: May 30, 2011 00:03 IST
Jayanth Jacob

Prime Minister Manmmohan Singh said on Sunday that top positions in international financial institution must not go to specific countries as a matter of right, but to the best available talent, pressing for their reforms yet again.

Repeating what he said earlier this week Prime Minister said that the rich countries who control such institutions don’t want to let it go, and reminded the developing countries that reforms of institutions like World Bank, International Monetary Fund, and United Nations will be a long haul.

“We would like to remind the industrialised world that there is a tacit agreement that top positions in international financial institutions must go to specific countries as a matter of right …but the best talent in the world should be available to man these (global) institutions, that is our general position,” Singh said.

Singh noted that the struggle for an “equitable” world order will take long as rich nations do not want to give up power easily. “Those who exercise power, do not want to give up power easily,” he said on the possible candidates for the post of the International Monetary Fund (IMF) managing director, which fell vacant following resignation of disgraced Dominique Strauss-Kahn.

“The struggle for a better, balanced and more equitable world order, including the management of global institutions like the IMF, World Bank, (UN) Security Council is going to be a long haul, I am afraid,” he told reporters Saturday night on way back from his Africa tour.

Hoping that a consensus would emerge, Singh said India is in touch with various countries. However, there is a desire in Europe that an European should occupy the position because very large proportion of IMF funds is in the continent which is dealing with the Euro zone tensions, Singh said.

Europe has announced French finance minister Christine Lagarde as its candidate. The PM has also expressed confidence that his government will be able to achieve 8.5% growth during the current fiscal despite concerns over high oil prices.

“As of now I have not seen any sign that we should change our view with regard to our ability to sustain a growth rate of 8.5%... I am confident that we will be able to sustain a growth rate of 8.5% this year,” Singh said replying to another question.