NEW DELHI, JULY 11: Union finance secretary Vijay Kelkar has been elected executive director of International Monetary Fund (IMF) representing India, Bangladesh, Bhutan and Sri Lanka. Kelkar replaces India's M R Shivaraman who is completing his term on July 31, a finance ministry spokesman said today. Kelkar's term will be for three years.
Kelkar will take up his new assignment from August 1. His name was suggested by the Appointments Committee of Cabinet and cleared by the IMF board. A technocrat, Kelkar is a well-known expert on disinvestment.
Kelkar's election comes at a time when the IMF is discussing quota formulae to determine quotas of various countries in IMF. The discussions are important for developing countries who are seeking changes in quotas so as to have adequate representation in decision making process of IMF.
Kelkar was petroleum secretary and chairman of the tariff commission before moving to the finance ministry. He had headed the panel on restructuring of Indian Airlines and AirIndia. The concept of special protection vehicle for disinvestment of public sector undertakings was his brainchild.
The IMF has 182 member countries represented by 24 directors. Seven of these directors are from the seven big countries while the remaining 17 represent more than one country. The directors look into loan repayment of the countries and ensure orderly economic conditions.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.