Director of the International Monetary Fund
13 July 2007
Finance Minister Trevor Manuel, MP once again reiterates South Africa's
strong support for the G20 (the group of twenty emerging and advanced
economies) 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, South Africa strongly supported a
reference in the October 2006 G20 Communique 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
