Palace wants 'greater role' for emerging economies in IMF

Emerging economies “should have a greater role" in managing the International Monetary Fund (IMF) and give a stronger voice to developing countries in the world, said Presidential Communications Development and Strategic Planning Secretary Ramon Carandang on Thursday. Emerging economies are rapidly growing and volatile economies of certain countries in Asia, Africa and Latin America, all of which promise huge potential for growth but also pose significant political, monetary, and social risks. Carandang, in an interview at the send-off ceremony at the Ninoy Aquino International Airport Terminal 2 (NAIA2) for President Benigno Aquino III who left for a state visit to Thailand, said it does not matter if the new IMF managing director is Asian or not, as long as he or she comes from one of the developing countries. “Sa tingin namin kung galing sa emerging market, at mas mapapalakas ang boses ng mga developing economies sa IMF, then sasangayon tayo doon," he said. The IMF has begun the search for the replacement of Dominique Strauss-Khan, who had led the IMF since 2007 but was forced to resign last week following allegations of sexual abuse by a maid in a hotel in New York. Several Asian leaders including Philippine Finance Secretary Cesar Purisima suggest that an Asian be chosen this time to lead the IMF. Purisima said “emerging markets should get their act together to come up with a lone Asian candidate that will lead the international organization." In particular, Purisima recommended for the post Singapore Finance Minister Tharman Shanmugaratnam, who is the current chairman of the IMF’s International Monetary and Financial Committee. — MRT/VS, GMA News