Mumbai: Finance minister P Chidambaram is in the race to chair the crucial meeting of the International Monetary & Financial Committee (IMFC), the governing body of the International Monetary Fund (IMF), sources said.

If Chidambaram makes it to the coveted post, he would the first leader from an emerging economy to occupy the coveted post. IMFC had so far been chaired by finance ministers from the developed world.

IMFC is one of the key committees of the IMF, which monitors transfer of resources to developing nations among other things.

It also advises the board of governors on matters relating to board''s functions and supervises the management of the international monetary and financial system.

Finance ministers of Canada and Italy are also in the race for the post.

The position has been vacant since July after the previous incumbent British finance minister Gordon Brown vacated the post after becoming prime minister.

Chidambaram, who was in Germany and Brussels last week, is believed to have sought their support for his candidature. Finance secretary D Subbarao, who is leaving for London next week, may also hold talks on the issue with his British counterparts.

He is also expected to canvas support in the US during his current visit.

Meanwhile, US treasury secretary Henry Paulson will meet Chidambaram on in Washington tomorrow to discuss economic issues, including financial sector reforms.

Paulson is expected to discuss the development of Mumbai into an international finance center and ways to boost financing for India''s infrastructure needs, the treasury said.