French Finance Minister Christine Lagarde, who's the front runner for the top job at the International Monetary Fund (IMF), says there's no backroom deal being worked on to win the support of emerging nations for her candidacy.
Lagarde who has been traveling around the world told CNBC's Indian affiliate, CNBC-TV 18 that there were no talks about appointing a deputy managing director from the developing world in return for her appointment as managing director.
“There is no such big bargaining in closed doors or in smoky rooms,” she said during a visit to India.
Lagarde added that "India's leaders seem willing to consider my candidature," though India did not formally support her following meetings on Tuesday.
Largarde, who is now in China, also stressed that emerging economies should have “appropriate representation” in the fund. Currently, the U.S. and Europe together have around 50 percent of the votes in the fund, followed by Japan with a 6 percent share.
“The world is changing massively in front of us. Emerging economies are driving the process. They still represent less than a majority of the GDP around the planet. But their importance, their role, their drive is clearly giving them a front-runner position in whatever is being discussed around the world at the moment,” she told CNBC-TV18.
Lagarde added that the growing importance of developing countries was being seen in the G20 and other institutions around the world, and she said, the IMF should also evolve to reflect this change.