Pimco boss El-Erian not interested in IMF job

17th May 2011, Comments 0 comments

Investment giant Pimco's chief executive Mohamed El-Erian said Tuesday he was not interested in leading the IMF, damping speculation that he might replace managing director Dominique Strauss-Kahn who faces sexual assault charges in New York.

"I will not be part of this process; I already have a great job, here in California," El-Erian wrote in a opinion article published in the Financial Times.

He repeated the sentiment in an interview with Bloomberg TV, adding criticisms on the way the IMF has chosen its leaders in the past.

"One thing I would like to see is a process, rather than speaking of individuals," he said.

He pointed to statements by Germany's Chancellor Angela Merkel calling for a European to succeed Strauss-Kahn, and others saying that someone from an emerging economy should take a turn heading the Fund.

"Let's talk about the qualifications needed, and lets talk about who out there meets these qualifications," US-born El-Erian told Bloomberg TV.

"It is a critical role at a critical time for the global economy," he said.

Former French politician Strauss-Kahn has not resigned as IMF managing director but most analysts expect that he will not stay on after his arrest Saturday on allegations that he tried to rape a Sofitel hotel chambermaid.

Traditionally a European, and usually someone from France, has led the IMF in an unwritten pact that leaves the World Bank's leadership to an American.

But in recent years the rise of powerful economies in other regions like Asia has generated calls to widen the field for choosing the leaders of both powerful institutions.

© 2011 AFP

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