Asian continent is preparing to have a greater role in the activities of the International Monetary Fund IMF. This was disclosed in Beijing China.
The ongoing crises in the world number one monetary institution seemed to have reawakened the consciousness of the Asian continent for greater involvement in the affairs of the fund. Recently the controversy surrounding the sexual harassment leveled against the immediate past head of the fund Mr. Strauss Kahn has consumed his career in the organization as he has thrown in the towel as the chief executive of the fund. Already he is facing a legal prosecution over the matter.
It is not likely that an Asian would be appointed to replace him in office as the position is exclusively meant for a European to occupy. The official from china can only be appointed the deputy managing director of the fund and not the managing director. Although since the post would be contested by interested European countries it is likely that china and indeed the other Asian countries would play the power broker role in deciding whoever emerges as the next head of the international monetary fund.
It would be expected that a new chief executive would be appointed for the fund in no distant time as the resignation of the former chief has created a vacuum in the administration of the fund. Already the IMF has been asked to look in the direction of Europe for the new chief.