IMF board says nomination of top job open to any country
Any country could nominate a candidate to succeed IMF Managing Director Rodrigo Rato, according to a statement released by the financial institution's board on Tuesday.
"Any executive director may submit a nomination, regardless of nationality, for the position, consistent with past practice," said the 24-member IMF board. Earlier Tuesday, the European Union decided to back former French finance minister Dominique Strauss-Kahn to head the financial institution amid call for the post to be open to non- Europeans.
The current IMF chief Rodrigo Rato announced last month that he would step down in October for personal reasons, ending his five- year term two years early. Under a so-called gentleman's deal, the IMF is traditionally led by a European, while its sister organization, the World Bank, is headed by an American.
Both institutions have been under increasing pressure to undergo internal reforms by giving more say to other members and developing countries, including the choice of their respective leaders. (english.people.com.cn)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.