{"id":429855,"date":"2011-05-25T09:26:05","date_gmt":"2011-05-25T09:26:05","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/25\/brics-countries-concerned-over-process-of-selecting-imf-boss\/"},"modified":"2011-05-25T09:26:05","modified_gmt":"2011-05-25T09:26:05","slug":"brics-countries-concerned-over-process-of-selecting-imf-boss","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/25\/brics-countries-concerned-over-process-of-selecting-imf-boss\/","title":{"rendered":"BRICS countries concerned over process of selecting IMF boss"},"content":{"rendered":"
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You Are Here: Home<\/a> \u00bb Africa\/International<\/a> \u00bb BRICS countries concerned over process of selecting IMF boss<\/p>\n

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Page last updated at Wednesday, May 25, 2011 9:09 AM \/\/ <\/span><\/div>\n

\"\"<\/a>Developing countries have expressed concern over the selection process for the next head of the International Monetary Fund (IMF).<\/p>\n

Brazil, Russia, India, China and South Africa said choosing a managing director on the basis of nationality undermined the fund\u2019s legitimacy.<\/p>\n

European officials believe another European should replace Dominique Strauss-Kahn as IMF managing director.<\/p>\n

Mr Strauss-Kahn resigned last week to fight sex assault charges in New York.<\/p>\n

French Finance Minister Christine Lagarde has emerged as an early favourite to succeed him.<\/p>\n

Difficult decision<\/strong><\/p>\n

The five executive directors representing the so-called Brics countries at the Washington-based fund expressed their position in a joint statement.<\/p>\n

\u201cWe are concerned with public statements made recently by high-level European officials to the effect that the position of managing director should continue to be occupied by a European,\u201d they said.<\/p>\n

\u201cThe recent financial crisis which erupted in developed countries underscored the urgency of reforming international financial institutions so as to reflect the growing role of developing countries in the world economy.\u201d<\/p>\n

The BBC\u2019s Tom Burridge in Washington says the statement is a direct challenge to Europe and if the Brics countries can rally behind one of several contenders from emerging economies, it will leave a difficult, and diplomatically sensitive, decision for the 24 members of the IMF\u2019s executive board.<\/p>\n

Newly-confident emerging economies have been pushing for years for a greater voice, and more voting shares, at the IMF.<\/p>\n

A number of European figures have thrown their weight behind France\u2019s Ms Lagarde as the next IMF head.<\/p>\n

According to the Reuters news agency, Ms Lagarde plans to formally announce her candidacy on Wednesday.<\/p>\n

She is expected to give a press conference ahead of a two-day meeting of the G8 countries, due to begin on Thursday.<\/p>\n

If confirmed, she would continue the tradition of having a European lead the fund, which was established in 1944.<\/p>\n

\u2018Unacceptable\u2019<\/strong><\/p>\n

Rajiv Biswas, Asia-Pacific chief economist at IHS Global Insight, said he was \u201cangry\u201d about the selection process, calling it a post-colonial relic.<\/p>\n

\u201cIt\u2019s against all good principles of governance for a global institute to only have its leader from Europe,\u201d he told the BBC\u2019s Asia Business Report.<\/p>\n

\u201cIt\u2019s absolutely unacceptable now.\u201d<\/p>\n

Mr Biswas pointed out that, within 10 years, the combined economic might of developing countries would exceed that of developed countries.<\/p>\n

The idea has many followers around the world, including a former IMF chief economist Kenneth Rogoff.<\/p>\n

He told the BBC World Service\u2019s Business Daily that the IMF often goes hat in hand to emerging markets for money, so it is important that they feel served.<\/p>\n

\u201cThe days are gone when it should automatically be a European,\u201d said Mr Rogoff.<\/p>\n

\u201cIt should go to the best qualified person and since it\u2019s been a European so long, it really should go outside.\u201d
Source: BBC<\/p>\n\n

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