Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

South Africa insists on IMF chief from emerging nation

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.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...