SA, Australia call for IMF transparency

23 May 2011

The appointment of the new International Monetary Fund managing director should be done through an open, transparent and merit-based process, the South African and Australian governments said on Sunday.

In selecting a new managing director it was important to adhere to these criteria agreed upon by G20 leaders in Pittsburgh this year, South African Finance Minister Pravin Gordhan and Australian Deputy Prime Minister and Treasurer Wayne Swan said in a joint statement.

“For too long, the IMF’s legitimacy has been undermined by a convention to appoint its senior management on the basis of their nationality.”

“In order to maintain trust, credibility and legitimacy in the eyes of its stakeholders, there must be an open and transparent selection process which results in the most competent person being appointed as managing director, regardless of their nationality,” the statement read.

Following the resignation of Dominique Strauss-Kahn, IMF members were asked to act decisively and select a new managing director.

“The task is urgent given the current challenges facing the global economy, including in particular the needs of low income and developing countries who rely on the IMF for support.”

Gordhan and Swan said the global financial crisis demonstrated that the world needed a strong IMF and a strong managing director.

Sapa