Australia to discuss nominating candidate for IMF chief

16:25, May 23, 2011      

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Australian Foreign Minister Kevin Rudd said on Monday that he will use this week's cabinet meeting to discuss the possibility of Australia nominating its own candidate to take over the leadership of the International Monetary Fund (IMF).

Members of the IMF is now finding a new managing director after Dominique Strauss-Kahn resigned to fight sexual assault charges in New York.

According to Australia Associated Press, Rudd was asked if Australia would be putting up its own candidate.

"I'll work through this issue in cabinet in the early days of (this) week," he said.

While the IMF has been headed by a European since 1946, Australian Federal Treasurer Wayne Swan earlier said for too long "the IMF's legitimacy had been undermined by the convention to appoint its chief on the basis of their nationality".

Swan said the IMF should consider giving developing nations, particularly in Asia, a bigger role governing the organization because of their increasing global importance.

Like Swan, Rudd believes a successor to Strauss-Kahn should be based on merit rather than nationality.

"I don't think it is productive to nominate individuals myself, but we believe that having the right person must have the support of the global financial community, the principal financial institutions and the regions of the world," he said, adding that it may be someone from the Asia-Pacific, or someone from elsewhere.

"But I think we all need to take a deep breath. Rather than turn this into some horse race, we should regard it as a serious question about appointing the best person based on merit."

According to the IMF website, Australia holds 1.32 percent of the votes on the IMF board of governors. It also has a director on the fund's executive board.

Strauss-Kahn, who had been widely seen as a potential candidate for France's presidency, resigned after being charged with trying to rape a hotel maid in New York on May 14.

Source: Xinhua

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