IMF – Executive Director
Context: Parameswaran Iyer, Executive Director at the World Bank, has been temporarily entrusted with the responsibility of being India’s nominee director on the board of the International Monetary Fund (IMF) ahead of a crucial May 9 meeting, sources said.
Important Pointers:
► International Monetary Fund (IMF): ► Headquartered in Washington D.C., USA ► Total member countries: 190+ ► Key functions: Monetary cooperation, financial stability, economic growth, poverty reduction
Executive Director (ED) – IMF:
► Role: Represents a group of countries (constituency) on the IMF Executive Board ► Participates in the day-to-day decision-making of the IMF; Engages in discussions on IMF lending, policies, and economic surveillance.
► India’s Position: India is part of a constituency that includes Bangladesh, Bhutan, Sri Lanka, and India; The Executive Director from this constituency represents India and the other member nations
► Current ED (as of 2025): India nominates its representative to serve as ED on a rotational basis among the group; Usually a senior Indian economic/banking official or diplomat; Recently, Ms. Krishnamurthy V. Subramanian (former Chief Economic Adviser) held the position.
► Tenure: Typically 2–3 years, but can vary
► Executive Board Composition: 24 Executive Directors; 8 represent individual countries (e.g., USA, Japan, China, Germany, etc.); 16 represent multi-country constituencies.