In a major development, eminent economist and columnist Surjit S Bhalla on Tuesday was appointed as the Executive Director for India at the International Monetary Fund (IMF), an official order said. The executive director is responsible for managing the day to day business of the multilateral financial institution.
Bhalla, a well-known economist, was a part-time member of the Prime Minister’s Economic Advisory Council until December 2018. He resigned from the council on December 1, 2018.
The IMF's purpose is to ensure the stability of the international monetary system and international payments that enables countries to transact with each other.
His appointment has been cleared by the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi. In November 2015, the Centre had appointed former RBI deputy governor Subir Gokarn to represent India on the IMF’s executive board. The IMF executive board is generally composed of 24 directors who are appointed or elected sometimes by member countries or a group of countries.
The ACC approved the appointment of Bhalla for a period of three years from the date of assumption of charge of the post or until further orders, whichever is earlier, the order said
Many people came ahead and penned their heartiest congratulations as they lauded Surjit S Bhalla.
Heartiest Congratulations Dr @surjitbhalla for your appointment as Executive Director (India) as International Monitory Fund. Well deserved.— Dr Vijay Chauthaiwale (@vijai63) October 1, 2019
Super duper congratulations to my mentor and a fantastic economist @surjitbhalla sir on his appointment to as Executive Director( India) to IMF.— Pradeep Bhandari(प्रदीप भंडारी) (@pradip103) October 1, 2019
(With Inputs from PTI)