Acting head confident IMF will select effective new chief

16:47, May 20, 2011      

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WASHINGTON, May 19 (Xinhua) -- The selection of a new managing director of the International Monetary Fund (IMF) will be an open and transparent process, John Lipsky, acting managing director of the IMF, said Thursday, adding he is confident the IMF will choose an effective leader at the helm.

Speaking at an event at the Washington-based Peterson Institute for International Economics, Lipsky said he is personally not involved as the IMF's acting chief in this process.

There has been an agreement among the IMF membership that the process of selecting a new managing director should be "open and transparent," he added.

The goal is to produce an effective leader for the institution. Many names have been mentioned in the press. "I am happy to say a long list of them seem extremely talented and well-qualified individuals," Lipsky told reporters and scholars.

He said he was confident that the IMF membership through its Executive Board will choose an "appropriate leader."

The former investment banker said he regrets the circumstances that have made it necessary for him to serve as the fund's acting head, but stressed that the Washington-based financial agency remains fully functioning and operational up to date.

"The dean of the IMF Executive Board is initiating contacts with his colleagues today about the selection process for the managing director," William Murray, an IMF spokesman, said Thursday in a short statement.

The IMF's 24-member Executive Board is responsible for selecting the managing director. Past practice has been that an executive director may submit a nomination for the position. When more than one candidate is nominated, the Executive Board aims to reach a decision by consensus.

The IMF has had 10 managing directors since it began operations in 1947. The position of managing director is currently vacant, following the resignation of Dominique Strauss-Kahn over a sex scandal Wednesday.

Source: Xinhua
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