Singapore’s Shanmugaratnam to Head IMF Steering Committee

The International Monetary Fund said Singapore’s Finance Minister Tharman Shanmugaratnam will chair the fund’s steering committee.

Shanmugaratnam, 54, has accepted the position for up to three years, the IMF said today in an e-mailed statement. He replaces Youssef Boutros-Ghali, who stepped down last month after he was replaced as Egyptian finance minister in a Jan. 31 cabinet reshuffle amid the political unrest that then unseated President Hosni Mubarak.

Shanmugaratnam’s “broad experience, deep knowledge of economic and financial issues, and active engagement with global policy makers will be highly valuable to” the International Monetary and Financial Committee, the IMF said in the statement.

The minister served as chief executive officer of the Monetary Authority of Singapore, the city state’s central bank and regulator, before his entry into politics. He took up his current post in 2007 after being education minister.

Shanmugaratnam is currently also a member of the Group of Thirty, an international economic and monetary affairs advisory group, the IMF said.

The IMFC’s 24 members, who meet twice a year, are finance ministers and central bankers whose nationalities reflect the composition of the IMF board of executive directors. Past chairmen include Gordon Brown, who stepped down when he became U.K. prime minister in 2007.

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