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Calls for IMF boss to be chosen 'on merit'

Calls for IMF boss to be chosen 'on merit'
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Despite Christine Lagarde’s promise to give greater weight to developing countries if she is chosen to lead the International Monetary Fund, some emerging economies may need convincing.

Norway has joined them in arguing the next boss should be chosen on merit not on geography.

Others do not like what they see as Europe’s stranglehold on the job.

“Remember, this was a concern that arose from a very early European statement that said it has to be a European,” said South African Finance Minister Pravin Gordhan. “And in terms of all of our discussions in the G20 we are supposed to have an open, transparent and merit-based process.”

The only other declared candidate is the head of Mexico’s Central Bank, but the main emerging economies have not united behind him.

“The Mexican government supports the candidacy of Dr Augustin Carstens, and also recognises that the French finance minister has sufficient merits to lead the institution,” said Mexico’s Finance Minister Ernesto Cordero. “However, we think that the Mexican Central Bank Governor has very good credentials to lead the institution.”

The IMF’s new boss should be chosen by the end of June.

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