In late March, Singaporean finance minister Tharman Shanmugaratnam was selected as chairman of the International Monetary and Financial Committee. The decision – made behind closed doors – means that for the first time an Asian will lead the IMF’s primary policy setting body. Former executive board member Domenico Lombardi said, “This is part of a broader strategy aimed at engaging Asia in the new round of reforms which will be centred on the international monetary system instead of on the IMF itself.” Singapore has a small IMF quota, is classified as an advanced economy by the IMF and pursues a very open trade and investment policy.