World Bank ED Parameswaran Iyer to represent India on IMF board

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 International Monetary Fund (IMF) ahead of a crucial May 9 meeting, sources said.

Iyer’s nomination was necessitated to fill a vacancy created with the termination of services of K V Subramanian as the executive director at the IMF, six months ahead of his three-year tenure.

The government’s decision assumes significance as the IMF Executive Board will meet on May 9, to take a call on a new USD 1.3 billion loan under a climate resilience loan programme, along with the first review of the ongoing USD 7 billion bailout package for Pakistan.

It is to be noted that India is making efforts to corner Pakistan diplomatically and at various global fora as New Delhi believes its involvement in the Pahalgam terror attack that led to killing of 26 tourists last month.