Brazil says IMF chief must be chosen on merit
26 May 2011
Brazil is working with other emerging and developing countries in order to have a greater voice in the selection process of the new managing director of the International Monetary Fund (IMF).
Even before the resignation of Dominique Strauss-Kahn last week, Brazilian finance minister Guido Mantega had sent a letter to G20 ministers calling for a selection process based on merit rather than nationality. He pointed out that the G20 has already replaced the G7 as the main forum for international economic cooperation and argued that the IMF should not be left behind in this process of institutional change.
Brazil believes the new head of the IMF should have a strong technical and political background, be committed to reforms, and represent a larger number of member countries.
On 24 May the executive directors representing Brazil, China, India, Russia and South Africa at the IMF issued a joint statement calling for the abandonment of the 'obsolete unwritten convention that requires that the head of the IMF be necessarily from Europe'.
Source: Portal Brasil and Embassy of Brazil in London