CURRENT AFFAIRS

Detailed explanation-1: -Subramanian’s term will begin from November and will continue for a period of three years or until further orders, whichever is earlier, by curtailing the tenure of eminent economist Surjit S Bhalla as ED (India), IMF up to 31 October, 2022.

Detailed explanation-2: -India is represented at the IMF by an Executive Director, currently Dr. Rakesh Mohan, who also represents three other countries as well, viz. Bangladesh, Sri Lanka and Bhutan.

Detailed explanation-3: -The Executive Board (the Board) is responsible for conducting the day-to-day business of the IMF. It is composed of 24 Directors, who are elected by member countries or by groups of countries, and the Managing Director, who serves as its Chairman.

Detailed explanation-4: -Subramanian is a leading expert on economic policy, banking and corporate governance, who was the youngest chief economic advisor to the Government of India, serving from 2018 to 2021. He has been appointed to the post of India’s executive director at the IMF, with effect from November 1, 2022.