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Tharman is first Asian to head key IMF body
International Monetary and Financial Committee helps set policy direction
By Fiona Chan, Assistant Money Editor
Mr Tharman, 54, will be the IMFC's next chairman for a term of up to three years. The IMFC meets twice a year. -- ST FILE PHOTO
SINGAPORE Finance Minister Tharman Shanmugaratnam has made history by becoming the first Asian to head the key body that sets the policy direction for the International Monetary Fund (IMF).
The International Monetary and Financial Committee (IMFC) said yesterday it had selected Mr Tharman, 54, as its next chairman for a term of up to three years.
'Minister Tharman's broad experience, deep knowledge of economic and financial issues and active engagement with global policymakers will be highly valuable to the IMFC,' the committee said in a press release.
Before becoming Finance Minister in December 2007, Mr Tharman held other senior posts, including education minister and managing director of the Monetary Authority of Singapore, the Republic's central bank and financial regulator.
He is also a member of the Group of Thirty, an elite international grouping of senior public and private sector leaders. Other members of the group include former United States Federal Reserve chairman Paul Volcker and European Central Bank president Jean-Claude Trichet.
As the new IMFC chairman, Mr Tharman succeeds Dr Youssef Boutros-Ghali, the former Egyptian minister of finance, who resigned on Feb 4 after a Cabinet reshuffle in Egypt.
Other past chairmen of the 24-member IMFC include Mr Gordon Brown, who headed the committee for eight years before stepping down to become Britain's prime minister, and Italy's former economic and finance minister Tommaso Padoa-Schioppa, who replaced Mr Brown.
The IMFC comprises finance ministers and central bank governors of the world's leading economies, as well as representatives from regional country groupings.
It meets twice a year and gives advice on shaping the global monetary and financial system to the Board of Governors of the IMF, which promotes international trade, monetary cooperation and stability.
Mr Tharman's appointment to the IMF's policy steering committee was greeted warmly by international leaders and the local economics community yesterday.
Australian Deputy Prime Minister and Treasurer Wayne Swan said that 'on behalf of Australia, I extend my warmest congratulations' to Mr Tharman.
He added that Mr Tharman 'is an excellent choice' to maintain the momentum of reform in the IMF, which recently underwent a major shift towards giving emerging economies such as China and India more say in its decisions.
'As the first chair from Asia, the minister's appointment personifies the shift in global growth to our region in this, the Asian century,' said Mr Swan.
Mr David Cohen, the Singapore-based director of Asian economic forecasting at Action Economics, also hailed the move as a boost for the region.
'This would represent another step up the ladder for emerging Asian economies, which increasingly are enjoying a seat at the table when international policy is discussed,' he said.
He added that the appointment 'is an honour for Mr Tharman, and a reflection of the respect that Singapore commands for its sound economic policies'.
It also shows that even as a small country, Singapore can provide international leadership, said Associate Professor Tan Khee Giap, co-director of the Asia Competitiveness Institute at the Lee Kuan Yew School of Public Policy.
'We can lead the way, especially in the field of global financial issues, because we are one of the top financial centres.'
[email protected]
SPOTLIGHT ON ASIA
'As the first chair from Asia, the minister's appointment personifies the shift in global growth to our region in this, the Asian century.'
Australian Deputy Prime Minister and Treasurer Wayne Swan, on Singapore Finance Minister Tharman Shanmugaratnam's latest appointment
International Monetary and Financial Committee helps set policy direction
By Fiona Chan, Assistant Money Editor
Mr Tharman, 54, will be the IMFC's next chairman for a term of up to three years. The IMFC meets twice a year. -- ST FILE PHOTO
SINGAPORE Finance Minister Tharman Shanmugaratnam has made history by becoming the first Asian to head the key body that sets the policy direction for the International Monetary Fund (IMF).
The International Monetary and Financial Committee (IMFC) said yesterday it had selected Mr Tharman, 54, as its next chairman for a term of up to three years.
'Minister Tharman's broad experience, deep knowledge of economic and financial issues and active engagement with global policymakers will be highly valuable to the IMFC,' the committee said in a press release.
Before becoming Finance Minister in December 2007, Mr Tharman held other senior posts, including education minister and managing director of the Monetary Authority of Singapore, the Republic's central bank and financial regulator.
He is also a member of the Group of Thirty, an elite international grouping of senior public and private sector leaders. Other members of the group include former United States Federal Reserve chairman Paul Volcker and European Central Bank president Jean-Claude Trichet.
As the new IMFC chairman, Mr Tharman succeeds Dr Youssef Boutros-Ghali, the former Egyptian minister of finance, who resigned on Feb 4 after a Cabinet reshuffle in Egypt.
Other past chairmen of the 24-member IMFC include Mr Gordon Brown, who headed the committee for eight years before stepping down to become Britain's prime minister, and Italy's former economic and finance minister Tommaso Padoa-Schioppa, who replaced Mr Brown.
The IMFC comprises finance ministers and central bank governors of the world's leading economies, as well as representatives from regional country groupings.
It meets twice a year and gives advice on shaping the global monetary and financial system to the Board of Governors of the IMF, which promotes international trade, monetary cooperation and stability.
Mr Tharman's appointment to the IMF's policy steering committee was greeted warmly by international leaders and the local economics community yesterday.
Australian Deputy Prime Minister and Treasurer Wayne Swan said that 'on behalf of Australia, I extend my warmest congratulations' to Mr Tharman.
He added that Mr Tharman 'is an excellent choice' to maintain the momentum of reform in the IMF, which recently underwent a major shift towards giving emerging economies such as China and India more say in its decisions.
'As the first chair from Asia, the minister's appointment personifies the shift in global growth to our region in this, the Asian century,' said Mr Swan.
Mr David Cohen, the Singapore-based director of Asian economic forecasting at Action Economics, also hailed the move as a boost for the region.
'This would represent another step up the ladder for emerging Asian economies, which increasingly are enjoying a seat at the table when international policy is discussed,' he said.
He added that the appointment 'is an honour for Mr Tharman, and a reflection of the respect that Singapore commands for its sound economic policies'.
It also shows that even as a small country, Singapore can provide international leadership, said Associate Professor Tan Khee Giap, co-director of the Asia Competitiveness Institute at the Lee Kuan Yew School of Public Policy.
'We can lead the way, especially in the field of global financial issues, because we are one of the top financial centres.'
[email protected]
SPOTLIGHT ON ASIA
'As the first chair from Asia, the minister's appointment personifies the shift in global growth to our region in this, the Asian century.'
Australian Deputy Prime Minister and Treasurer Wayne Swan, on Singapore Finance Minister Tharman Shanmugaratnam's latest appointment
