20 May 2011
The International Monetary Fund’s new managing director should come from a developing country, South African Finance Minister Pravin Gordhan said on Wednesday.
“Institutions such as the IMF must reform so that they can become credible,” Gordhan said in a statement.
The only way that could happen, was if it reflected the interests of “all countries”.
“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.”
He said there were candidates from several developing countries who were “credible” and “eminently suitable” to run the organisation.
On Tuesday, Fin24 reported that National Planning Commission head Trevor Manuel could emerge as a candidate to replace International Monetary Fund (IMF) chief Dominique Strauss-Kahn. Although Strauss-Kahn had not formally stepped down, he was arrested for allegedly sexually assaulting a hotel cleaner in New York.
Professor at the Massachusetts Institute of Technology’s Sloan School of Management and former IMF chief economist, Simon Johnson, told Fin24 Manuel was hotly-tipped as a possible successor.
He said if the Brics group of emerging countries (Brazil, Russia, India, China and SA) agreed on a candidate, that person could become a front-runner to head the IMF.