Finance Minister Tharman Shanmugaratnam is the leading candidate to
become the next chairman of the body that steers work of the
International Monetary Fund, a Group of 20 official said.
would replace Youssef Boutros-Ghali, who resigned from the
International Monetary and Financial Committee earlier this month.
Boutros-Ghali, who served as chairman of the panel since October 2008,
stepped down after he was replaced as Egyptian finance minister in a
Jan. 31 cabinet reshuffle amid the political unrest that then unseated
President Hosni Mubarak.
Shanmugaratnam, 53, won the backing of
most of his peers at the G-20 meeting in Paris on Feb. 19, said the
official, who declined to be identified because the decision hasn’t been
finalized. Though not part of the G-20 club, Singapore was among three
guest nations invited to the Paris gathering.
The minister served
as chief executive officer of the Monetary Authority of Singapore, the
city state’s central bank and regulator, and entered politics in 2001,
according to the government’s website. He was education minister for
five years and took up his current post in 2007.
is currently also a member of the Group of Thirty, an international
economic and monetary affairs advisory group, according to the
government website. He sits on the boards of the Government of Singapore
Investment Corporation, as well as the Monetary Authority and the
National Research Foundation.
The IMFC sets the work of the IMF
and helps shape the international monetary and financial system. It
monitors global liquidity and monitors potential disruption the global
monetary and financial system. The 24-member panel of central bank
governors and finance ministers meets twice a year. Other former
chairmen of the IMFC include Gordon Brown, who stepped down when he
became U.K. prime minister in 2007.