News Of Economy

US and EU’s choice certain to head IMF

January 28, 2012

For IMF head, there are two candidates to replace Mr Rodrigo Rato who has resigned for personal reasons, France’s former Economy minister Dominique Strauss-Khan and the former president of the Czech Central Bank Josef Tosovsky. Dominique Strauss-Kahn is seems a certain choice for new head of the IMF as he is backing by the EU and US. However, Russian nominee Josef Tosovsky adds some flair to the nomination. Since the inception of IMF and WB, Europe and US elect the head respectively, but for WB’s nomination, European interventions and now for IMF supremacy Russia’s intentions to ensure all members support, kindle the hope to break the preconceived biased procedure. Although, Russia is trying to break the brink, yet the Dominique Strauss- Khan’s nomination is certain. To gain the support, he recently made trip to Africa and Latin America. However G24, which represent developing nations echoed against influential nations’ supremacy over the world leading institutions. When the hunt for Mr Rato’s successor announced, the IMF cleared that the winning candidate could come from “any” of its 185 member nations. But with the time passes all announcement proved mare rubbish. The role of IMF is always challenged by the poor nation, recently African Union head Alpha Omar Konare said that he selection process was “not reflecting the balance of powers in the world today”. It’s not only developing nations’ want change, but some frontline European nations want other 185 nations’ concrete support in nomination. Russia thus has become the spokesperson for the majority of the 185 country members, particularly emerging economies that would like to see the ‘rule’ changed. Image Read

You Might Also Like