Ahead of a crucial meeting of the International Monetary Fund (IMF) on fresh loans to Pakistan, the government has given India’s executive director at the World Bank Parameswaran Iyer temporary charge at IMF also, following the premature exit of K V Subramanian.
Iyer, the former CEO of Niti Aayog, has been given the responsibility of India’s nominee executive director on the board of IMF, sources said, adding that a regular appointment may take some time.
The Appointments Committee of the Cabinet had terminated Subramanian’s services effective April 30, 2025, six months ahead of his three-year tenure.
While the reasons for Subramanian’s exit have not been disclosed, sources said Subramanian’s questions about the IMF’s datasets did not go down well with the multilateral agency.
The government’s latest decision assumes importance as IMF board will take a call on May 9 on a new $1.3 billion loan under a climate resilience loan programme as well as hold the first review of the ongoing $7 billion bailout package for Pakistan.
Following the Pahalgam terror attack that resulted in killing of 26 tourists last month, India is making efforts to isolate Pakistan diplomatically for its support to terrorism, at various global forums including multilateral agencies like the World Bank, IMF and Asian Development Bank.
Besides questions on IMF datasets, concerns were raised over an “alleged impropriety” relating to the promotion and publicity of his latest book, ‘India@100: Envisioning Tomorrow’s Economic Powerhouse’, sources said.