Age goes against Montek in race for IMF chief post

Age goes against Montek in race for IMF chief post

India's representative at the IMF Arvind Virmani has said that age was against Ahluwalia  because of rules that bar anyone above 65 from qualifying for that post.

The name of Ahluwalia  has been speculated as a possible candidate for the top IMF  post after the ignominious exit of Managing Director Dominique Strauss-Kahn this month.

"He (Ahluwalia) would have been an excellent candidate in my view except that we have just pronounced the by-laws that the Managing Director (of IMF) must be 65 or younger.

Unless these by-laws are changed, he can't be really put on as a candidate," IMF executive director Arvind Virmani told NDTV.

Ahluwalia is 67 years old and as per IMF's by-laws, no person above the age of 65 years can be appointed as IMF chief.

As per IMF norms, the contract of the Managing Director shall be for a term of five years and may be renewed for the same term or for a shorter term at the discretion of the Executive Board.

This would be done, provided that "no person shall be initially appointed to the post of Managing Director after he has reached his sixty-fifth birthday and that no Managing Director shall hold such post beyond his seventieth birthday".

Following the resignation of Strauss-Kahn in the wake of his arrest on rape charges,  various names from different countries have been doing the rounds as possible candidates for the top IMF post.

While French Finance Minister Christine Lagarde today launched her campaign for the post of IMF Managing Director, concerns have been raised by many developing countries including India.

Historically, the post of IMF Managing Director has been held by a European.

Other names speculated for the top post include Mexican central bank's governor Agustin Carstens and Kazakhstan apex bank's governor Grigory Marchenko.