GoI Removes K.V. Subramanian as IMF Executive Director for India; Appoints Parameswaran Iyer as Interim ED.
Appointment
The Appointments Committee of the Cabinet (ACC), chaired by Prime Minister Narendra Modi, terminated Krishnamurthy Venkata (K.V.) Subramanian as Executive Director (ED) for India at the International Monetary Fund (IMF) on 30 April 2025.
- His three-year term, which began in November 2022, was cut short by six months, with no official reason cited for the early removal. He represented India, Bangladesh, Sri Lanka, and Bhutan at the IMF.
- Parameswaran Iyer, currently serving as Executive Director for India at the World Bank (WB), has been appointed as the interim ED to represent India, Bangladesh, Bhutan, and Sri Lanka at the IMF.
- K.V. Subramanian previously served as the 17th Chief Economic Advisor (CEA) to the Government of India from 2018 to 2021, becoming the youngest person to hold the post. During his tenure, he contributed significantly to economic policymaking and structural reforms.
Main Point :- (i) Additionally, Subramanian held directorial roles on the boards of key financial institutions, including B(i) Bank Limited, the National Institute of Bank Management (NIBM), Pune, and the RBI Academy, bringing academic and policy experience into practice.
(ii) The interim appointment of Parameswaran Iyer as India’s Executive Director at the IMF comes just days before a crucial IMF Board meeting on May 9, 2025. The meeting will assess a USD 1.3 billion climate resilience loan for Pakistan and conduct the first review of Pakistan's USD 7 billion bailout program.
About International Monetary Fund (IMF)
Managing Director (MD) : Kristalina Georgieva
Headquarters : Washington DC, the United States of America (USA)
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