IMF contest: Rich nations don't want to give up power, says PM

On Board PM's Special Aircraft, May 29: Amid tussle for top IMF post, Prime Minister Manmohan Singh on May 28 said struggle for a "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, who accompanied him during the Africa visit.

Hoping that a consensus would emerge, Singh said India is in touch with various countries.

However, there is a desire in Europe for a European should occupy the coveted position because very large proportion of IMF funds is in the continent which is dealing with the Euro zone tensions, Singh said.

The developing countries, including India, have been pressing for transparency in the selection of the new IMF chief, even as Europe has announced French Finance Minister Christine Lagarde as its candidate.

PTI