India’s vote at key IMF meet on Pakistan to be cast by Parameswaran Iyer: Govt sources 

Parameswaran Iyer, India’s nominee as Executive Director at the World Bank Group, will cast vote on behalf of the country at the International Monetary Fund’s meeting on providing loan to Pakistan, according to government sources. 

The IMF Executive Board will meet on May 9 to discuss Pakistan’s staff-level agreement for a new $1.3 billion arrangement under a climate resilience loan programme, along with the first review of the ongoing $7 billion bailout package. 

The Washington-based multilateral lender announced that this will be the first review "under the Extended Arrangement Under the Extended Fund Facility (EFF)", along with a request for an arrangement under the Resilience and Sustainability Facility (RSF). 

Earlier, the government has terminated services of K V Subramanian as the executive director at the International Monetary Fund (IMF) six months ahead of his three-year tenure. 

The Appointments Committee of the Cabinet has terminated Subramanian's services effective April 30, 2025. The reasons for Subramanian's exit have not been officially announced. 

The executive board of the IMF is composed of 25 directors (executive directors or EDs) elected by the member countries or groups of countries. 

India is in a four-country constituency, along with Bangladesh, Sri Lanka and Bhutan as members. 

Meanwhile, India has also reportedly begun efforts to bring Pakistan back under terror funding watchdog Financial Action Task Force (FATF)'s 'grey list'. Pakistan was on the 'grey list' earlier, between June 2018 and October 2022, and faced increased monitoring. Being on FATF's grey list adversely affects foreign investments in the country.