Developing states seek more say in IMF
By Janet Guttsman
WASHINGTON: Developing countries are fed up with being bossed around by
their rich partners at the International Monetary Fund and want more say in
who becomes the next head of the institution, a senior IMF official said.
The official, who asked not to be identified, said on Tuesday the 11 IMF
executive board members from developing countries were lobbying their richer
partners to present more than one candidate for the position, which falls
vacant on February 14.
It was the latest in a series of attempts by developing countries to speak
with a single voice at multilateral institutions and at international
gatherings like the 1999 trade talks in Seattle. It could complicate the
rich world's negotiations on who should succeed France's Michel Camdessus.
``Our objective should be finding the best man for the job, regardless of
nationality,'' the IMF official said.
The execitive board is the body formally responsible for appointing a new
managing director to replace Camdessus, who steps down this month after 13
years.
It comprises 24 individuals from imf member countries, most of whom
represent a constituency of countries and 11 of whom have clubbed together
in what they call the G-11. ``We will not accept a situation where a name is
put before the board selected by a sub-group of the membership, presenting
board members with a fait accompli,'' the IMF official said.
``We would like to have more than one name for the board to decide on. We
would like these names to be given in advance so we have an opportunity for
a period of time after the names are announced to consult with our
authorities.''
The post of imf managing director has traditionally gone to a European, just
as an American traditionally heads the World Bank. Germany, arguing that it
is time a German won a top international job, nominated finance ministry
official Caio Koch-Weser -- and Berlin has lobbied for him fiercely.
International resistance to Koch-Weser was fading and developments were
``increasingly positive,'' finance ministry spokesman Torsten Albig said
Tuesday.
Opponents argued the German candidate, who spent 25 years at the World Bank,
did not have the right qualification to head the IMF because he came from a
development institution and not from a monetary one. Koch-Weser, in an
interview on Monday with the International Herald Tribune, rejected charges
he was not big enough for the job. He said his priorities would be to
refocus the IMF on key mandates of surveillance, crisis prevention and
making the IMF the focal point for transparency in international finance.
The IMF official said the developing countries in the executive board had
carefully refrained from commenting on individual candidates for the
high-profile job. He admitted their share of votes would not be enough to
block a Koch-Weser appointment, but hoped it would send a signal. ``Our
voice must be heard,'' he said.
An IMF source said reservations from developing countries appeared to be one
reason why France and the US had been so lukewarm about the German
candidate --the two countries effectively acted as lightning rods to channel
views from the developing world. (Reuters)
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