Canada urges 'merit-based' race for IMF chief

25th May 2011, Comments 0 comments

Canadian Finance Minister Jim Flaherty on Wednesday called for an "open, merit-based and transparent" process for choosing the next head of the International Monetary Fund.

"I think that it is important that the process be open, merit-based and transparent," Flaherty told reporters. "That's certainly a concern that has been expressed by some of the emerging economies, many of whom are members of the G20."

On Monday, Mexico put forward its central bank governor Agustin Carstens for the post of International Monetary Fund managing director while French Finance Minister Christine Lagarde formally threw her hat in the ring on Wednesday.

The IMF needs to find a successor to Dominique Strauss-Kahn, who resigned last week after being arrested in New York on sexual assault charges, which he denies.

Carstens has lengthy experience at the IMF, including as deputy managing director, the body's third-ranked official, from 2003 to 2006.

The IMF post is traditionally held by a European but emerging economies complain that it should be opened up to their candidates.

Lagarde has been endorsed by key European figures, who believe the deep problems of the European Union, with Greece, Portugal and Ireland in financial crisis, require an IMF chief current on the region's issues.

Flaherty said both Lagarde and Carstens are "strong, qualified candidates" to become the next head of the IMF.

© 2011 AFP

0 Comments To This Article