The Appointments Committee of the Cabinet has approved former Chief Economic Adviser Krishnamurthy Subramanian for the post of Executive Director (India) at the International Monetary Fund for a period of three years starting November 1, 2022, or until further orders.
Mr. Subramanian, who is currently a Finance Professor at the Indian School of Business, will replace Surjit S. Bhalla who was appointed to the role in 2019.
The Secretariat to the Cabinet's appointments panel said the appointment's approval entailed curtailing the tenure of Mr. Bhalla up to October 30, 2022.
Mr. Bhalla had been appointed as the Executive Director (India) at the IMF for a period of three years in October 2019 after his predecessor Subir Gokarn had passed away in July 2019.
On the curtailment of Mr. Bhalla’s tenure, government sources explained that he had joined the IMF Executive Board on November 9, 2019 and his term has been curtailed by 9 days to align it with the IMF’s two-year electoral cycle for directors, which is upto October 31, 2022.
“Getting India’s nominee elected for a period of 9 days only and thereafter causing a bye-election for the new incumbent would have been impractical,” an official said, adding that nominations for the next two-year term which begins on November 1, have to be made by August 29.
"The IMF's EDs are elected for a period of two years through voting by the Governors representing the respective constituency countries. India is in a 4-country constituency having India, Bangladesh, Sri Lanka and Bhutan as members. The next 2-year term of the EDs will start from November 1, for which the the voting will happen on October 14," the official added.
