South Africa insists on IMF chief from emerging nation

May 26, 2011
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, CAPE TOWN, May 26 – South Africa insisted on Thursday that the next International Monetary Fund (IMF) chief should come from the developing world, after the French finance minister announced her candidacy.

"Cabinet endorsed the view that the next leadership of the IMF should come from the emerging countries," government spokesman Jimmy Manyi told reporters.

"Cabinet did not discuss any names of potential candidates" during its meeting on Wednesday, he added.

The world\’s biggest emerging economies, including China and India, have argued against a European retaining the top job.

Manyi would not name South Africa\’s preferred choice, although the head of South Africa\’s national planning commission Trevor Manuel has been floated as a candidate.

"There\’s a lot of consultations that must happen with the various partners that South Africa is dealing with. Those consultations are happening," said Manyi.

"So up until there is clarity on which way those consultations go, we can\’t say anything much more than that."

IMF directors from Brazil, Russia, India, China and South Africa — the so-called BRICS economies — said Tuesday that Europe\’s grip on the IMF leadership "undermines the legitimacy of the Fund".

French Finance Minister Christine Lagarde officially launched her bid Wednesday for the vacancy after the resignation of Dominique Strauss-Kahn following his arrest for sexual assault charges that he denies.

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