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Advanced economies urged to respect open IMF search for next chief
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08:32, July 24, 2007

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The group of 24 developing countries called on advanced economies Monday to commit themselves fully to the International Monetary Fund's principles to seek its next managing director.

The G24 strongly supports "the approach proposed by the Board of Executive Directors for the selection of the next Managing Director, notably: a merit-based process with clear criteria; the consideration of candidates without geographic preference; and the objective of selecting the Managing Director by consensus rather than by a majority of votes," said the group in a statement.

"As ministers representing developing countries, the G24 has consistently called for a change of past practice whereby Europe has been allowed to nominate the head of the IMF and the United States the head of the World Bank," said the G24.

On July 12, the IMF executive board launched its search for a successor to managing director Rodrigo Rato, who announced in late June he was resigning in late October, nearly two years before the end of his term.

"We are of the view that these principles provide the basis for a transparent selection process, but non-European candidates will only be prepared to come forward if there is confidence that the spirit of the aforementioned executive board commitment will be respected by all members," the G24 said.

"We therefore commit ourselves fully to these principles and call on advanced economies to do the same."

The G24, or the International Group of Twenty-Four on International Monetary Affairs and Development, was established in 1971. Its main objective is to concert the position of developing countries on monetary and development finance issues.

It consists of countries from Africa, Latin America and the Caribbean, and Asia.

Source: Xinhua



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