S.Africa wants new IMF chief from developing nation

The new head of the International Monetary Fund should come from a developing nation better to reflect the interests of all countries, South Africa’s finance minister said on Wednesday.

“South Africa calls for a candidate from a developing country to be given the opportunity to be the managing director of the IMF,” Pravin Gordhan said in a statement.

“Such a candidate will bring a new perspective that will ensure that the interests of all countries, both developed and developing, are fully reflected in the operations and policies of the IMF.”

Trevor Manuel, who served as finance minister for 13 years and now heads South Africa’s National Planning Commission, has been rumoured as a possible successor.

Gordhan did not name Manuel in his statement, but said: “There are several candidates from developing countries who are credible and are eminently suitable to run the IMF.”

French Finance Minister Christine Lagarde has emerged as a possible replacement to Dominique Strauss-Kahn, who is awaiting trial in New York on charges of attempted rape.

But emerging powers including China believe it is time for Europe, the IMF’s biggest capital contributor, and the United States, its home, to reconsider arrangements to share leadership at the IMF and World Bank between the two.