Calls for Candidate From Developing Country for IMF

South Africa, as a member of the International Monetary Council (IMF), has called for a candidate from a developing country to be given the opportunity to be the Managing Director of the IMF.

This following reports that Dominique Strauss-Kahn, 62, the Managing Director of the IMF, had been recently arrested for sexual assault and attempted rape in New York City. Although he has not formally stepped down there have been calls for a new IMF MD.
“South Africa calls for a candidate from a developing country to be given the opportunity to be the managing director of the IMF. 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,” said Finance Minister Pravin Gordhan.
He said the recent financial crisis which started in developed countries, but whose impact reverberated across the globe, highlighted the need for credible and representative institutions of global governance.

The IMF is responsible for assessing policies, economic outlooks and risks in its 187 member countries as well as globally.

“Such surveillance is crucial to the smooth functioning of the international monetary system, which regulates how international payments are handled and makes possible the global exchange of goods and services.

“To play this role effectively, institutions such as the IMF must reform so that they can become credible, and to be credible they must represent the interests and fully reflect the voices of all countries, not just a few industrialised nations,” said Gordhan.