Raghuram Rajan Current Affairs - 2019

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Kristalina Georgieva appointed as new IMF chief

The Bulgarian Economist Christina Georgieva was appointed as the new head of the International Monetary Fund.

Kristalina Georgieva

Kristalina had served as Chief Executive in World Bank as well. Before becoming CEO of the bank in 2019, she had served in number of top positions in the Bank since 2008. In 2014, she served as Vice – President of European Commission. She had run the post of Secretary – General at the UN for a very short duration. Her tenure ended following a vote at the UN Security Council where Antonio Guterres gained its support.

She began her career at the World Bank in 1993. Her works and coordination towards disaster around the world in 2010 were applauded. It included floods in Pakistan, earthquake in Haiti and Chile, industrial accident at Ajka, Hungary and Romanian floods.

Awards

Georgieva was named “European of the year” in 2010. She was also awarded “EU Commissioner of the year” for her handling of humanitarian crisis in Pakistan and Haiti.

Responsibilities of IMF Chief

The responsibilities of IMF chief are defined in IMF’s Article of Agreement. According to the article, the chief shall coordinate the operating staff and the funds of IMF under an Executive board. He or she is responsible for appointment and dismissal of the staff of the Fund.

Selection Process of IMF Chief

The IMF chief is appointed by a 24 member Executive board. It is completely merit based. The directors of the board were allowed to file nominations for the post till 2011. After 2011, the appointments were based on managerial, diplomatic and professional skills of the director.

Indians in IMF

Indian born Gita Gopinath was the first Indian woman to hold a higher position in IMF. She joined IMF in 2018 as a Chief Economist. Before her the Ex – RBI chief Raghuram Rajan was the first Indian to hold the position of Chief Economic Advisor in the IMF.

Reports published by IMF

IMF publishes 2 major reports (1) World Economic Outlook – It is published biennially. It gives an overview and detailed analysis of the world economy by considering the issues of industrial countries, economies in the mode of transition and developing countries. (2) Global Financial Stability Report – It is also published twice a year. The report assesses stability of global financial market and emerging markets.

About IMF

IMF is an international organisation headquartered at Washington DC. It consists of 189 countries. IMF works towards global monetary cooperation, facilitates international trade and secures financial stability. It was formed in 1944 at the Bretton Woods Conference.

Raghuram Rajan to Get Yashwantrao Chavan National Award

Raghuram Rajan, former governor of RBI has been chosen for the ‘Yashwantrao Chavan National Award 2018’ by Yashwantrao Chavan Prathisthan for his contribution to economic development. Raghuram Rajan will be presented with the award at the 106th birth anniversary of Yashwantrao Chavan on March 12.

Raghuram Rajan is credited with steering Indian economy during turbulent times during the post-global financial crisis period. He is credited for positioning Indian currency as among the best-performing emerging markets amid a global currency rout against the dollar as emerging markets witness a major capital flight not seen since the collapse of Lehman Brothers in 2008. During his tenure in RBI, he oversaw some key reforms in monetary policy management and in the administration of the central bank.

Raghuram Rajan had also served as the chief economist of IMF and had famously predicted the 2008 financial crisis in 2005.

Yashwantrao Chavan Prathisthan

After the death of Yashwantrao Chavan, Yashwantrao Chavan Prathisthan was constituted by his followers and associates to take forward his works.

Yashwantrao Chavan was the first Chief Minister of State of Maharashtra and has also served as Deputy Prime Minister of India in the cabinet of Prime Minister Charan Singh between 1979-1980.

Born on 12 March 1913 in Devrashtre village of Satara District of Maharashtra, Yashwantrao Chavan was largely influenced by the Indian freedom struggle movements. He had participated in the Non-cooperation movement and Quit India movement. During the course of time, he become closely associated with leaders like  Jawaharlal Nehru, Sardar Patel. After Independence, he held several important positions in the government of Maharashtra and in the government of India. Yashwantrao Chavan died of a heart attack on 25 November 1984.

The Yashwantrao Chavan National Award constituted by the Yashwantrao Chavan Prathisthan honours individuals and institutions for their outstanding contribution to national integration, and social and economic development.