IMF seeks new chief by June 30

Brazil, China clamour for a more open selection process, Europe resists letting go.

The executive board of the International Monetary Fund intends to select a new managing director by the end of June.

In a statement on Friday, Shakour Shaalan, the board’s head, said the board would accept nominations to the position till June 10 and then narrow the candidates to a list of three for final consideration.

The board is seeking a successor to Dominique Strauss-Kahn, who resigned this week after being charged with sexually assaulting a maid at a New York Hotel.

A Turkish official considered one of the leading contenders, Kemal Dervis, who was the country’s economy minister in 2001 and 2002, took his name back yesterday. “Speculation about succession at the IMF has included me in the group of persons with relevant experience,” he said in a statement. “But I have not been, and will not be, a candidate.”

Treasury Secretary Timothy F Geithner said the United States wanted the post filled quickly and would support a candidate commanding broad support.

In the past, selection of a managing director, made by the 24 representatives of the IMF’s shareholder countries, has taken months.

This time, nations like Brazil and China want a more open process, which could see an official from an emerging market be appointed to the position for the first time. The job is considered one of the most prestigious among multinational institutions.

In Europe, however, politicians continued to press their case for the post to go to a European, as has been the convention since the fund was founded 65 years ago. Christine Lagarde, the French finance minister, is emerging as the most likely European candidate.

The IMF said Strauss-Kahn would receive a separation payment of $250,000, but pension would be limited.

©2011 The New York
Times News Service