Gokarn appointed IMF Executive Director

Replaces Rakesh Mohan; to represent India, Bhutan, Bangladesh and Sri Lanka

Subir Gokarn, former deputy governor of the Reserve Bank of India (2009-12) has been appointed executive director at the International Monetary Fund (IMF). Gokarn will represent the Indian constituency which comprises India, Bangladesh, Bhutan and Sri Lanka. He replaces Rakesh Mohan whose term ended on October 31.

Gokarn is currently director of research at the Brookings Institution India Center. As deputy governor of RBI, he oversaw monetary policy, research, financial markets, communications and deposit insurance, and represented RBI at the G20 Deputies’ forum. He is also a member of the expenditure management commission, headed by Bimal Jalan, former RBI governor.

From 2007 to 2009, Gokarn served as the chief economist of Standard & Poor’s Asia-Pacific. Prior to that, he was executive director and chief economist of CRISIL from 2002 to 2007 and chief economist at the National Council of Applied Economic Research, a Delhi-based think-tank from 2000-2002

His appointment comes at time when emerging economies are strongly pushing for implementation of IMF’s 2010 quota reform, which aims to give emerging economies such as India a greater say in its functioning. The proposals have been delayed by the US, which holds a veto.