IMF opens search for top job; La­garde of­fers to serve again

The Pak Banker - - FRONT PAGE -

The In­ter­na­tional Mon­e­tary Fund said it plans an open se­lec­tion process for its top job and will be­gin ac­cept­ing nom­i­na­tions on Thurs­day, even though Chris­tine La­garde has said she is open to an­other term lead­ing the cri­sis len­der. La­garde's ini­tial five-year term as man­ag­ing di­rec­tor ex­pires on July 5, and IMF ex­ec­u­tive board mem­ber Alek­sei Mozhin said he ex­pects the board to com­plete its se­lec­tion process by early March.

La­garde, a for­mer French fi­nance min­is­ter, was elected in 2011 af­ter com­pet­ing against Mex­i­can cen­tral bank gov­er­nor Au­gustin Carstens to re­place Do­minique Strauss-Kahn, who was forced to re­sign the top IMF job amid a sex­ual as­sault scan­dal.

"The Ex­ec­u­tive Board has adopted an open, merit-based, and trans­par­ent process for the se­lec­tion of the man­ag­ing di­rec­tor, sim­i­lar to the one used in the pre­vi­ous round," Mozhin said in a state­ment. "In­di­vid­u­als may be nom­i­nated by a Fund gov­er­nor or ex­ec­u­tive di­rec­tor. Like we did in 2011, we aim to reach a de­ci­sion by con­sen­sus." La­garde, who is well re­garded among in­ter­na­tional lead­ers, said in Oc­to­ber she was "pre­pared to serve" an­other term, but that was up to the Fund's mem­bers to de­cide.

So far, no chal­lengers have emerged for the top IMF job. One po­ten­tial com­pli­ca­tion is that a French court in De­cem­ber or­dered La­garde to face trial for neg­li­gence over her role in a pay­out of some 400 mil­lion euros ($434 mil­lion) to busi­ness­man Bernard Tapie when she served as France's fi­nance min­is­ter. La­garde has vowed to ap­peal the trial or­der and has said she acted in the best in­ter­ests of the French state and in full com­pli­ance with the law.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.