Key developing nations fault IMF selection process

2011-05-25 07:14

Washington – Representatives of major developing countries on the board of the International Monetary Fund (IMF) are saying the organisation should abandon the practice of always choosing a European to lead the agency.

The executive directors who represent Brazil, China, India, Russia and South Africa have issued a joint statement of concern about remarks from top European officials that a European should succeed Dominique Strauss-Kahn as IMF director.

Strauss-Kahn resigned last week after being charged with sexually attacking a maid in his New York hotel suite.

The developing countries say that if the IMF is to have legitimacy, its next leader must be selected only after all member nations are consulted.

French Finance Minister Christine Lagarde has emerged as Europe’s top candidate to head the IMF. 

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