Director of the International Monetary Fund
13 July 2007
Finance Minister Trevor Manuel, MP once again re-iterates South Africa's
strong support for the G20 position that the heads of the international
financial institutions, including the International Monetary Fund (IMF), should
be appointed using an open and transparent selection process with candidates
not restricted by nationality.
The Managing Director of the IMF, Rodrigo de Rato, announced recently that
he intends to step down from his position in October 2007. It would therefore
be unfortunate if a truly merit-based process, allowing the consideration of
candidates from all member countries whether advanced or developing, were not
followed. Since the IMF and World Bank were established 60 years ago, the
convention has been that a United States citizen, nominated by the President of
the United States, be appointed as World Bank President and that the IMF
Managing Director be a European nominated by the major countries of Western
Europe.
As a member of the Management Troika in 2006 of the G20 (Group of twenty
emerging and advanced economies), South Africa strongly supported a reference
in the October 2006 G20 Communiqué which reiterated the position expressed in
the October 2005 G20 statement on reforming the Bretton Woods Institutions that
the selection of senior management of the IMF and World Bank should be based on
merit and ensure broad representation of all member countries. South Africa
continues to hold this view.
South Africa however, welcomes the IMF Executive Board's announcements on 9
and 12 July that there will be an open, transparent process for selecting de
Rato's successor, with candidates being considered regardless of nationality
and hopes that the IMF truly considers the concerns of many of its member
countries.
South Africa shares this view with Peter Costello, the Australian treasurer,
and Guido Mantega, the Brazilian Minister of Finance.
For media queries please contact:
Thoraya Pandy
Cell: 082 416 8415
Issued by: National Treasury
13 July 2007
Source: National Treasury (http://www.treasury.gov.za)
