Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

South Africa’s Manuel Seeks Open Process for IMF Top Job

May 24 (Bloomberg) -- South Africa’s former finance minister, Trevor Manuel, named as a possible candidate to lead the International Monetary Fund, called for an open process to select a new managing director of the institution.

“Africa will also have to have a voice,” Dumisa Jele, the spokesman for the head of South Africa’s National Planning Commission, said by phone from Pretoria, confirming Manuel’s comments reported by state-owned South African Broadcasting Corp. The post shouldn’t be reserved for a European, Jele cited Manuel as saying.

Europeans have picked IMF heads since its founding at the end of World War II under an agreement that gives the U.S. control over the top World Bank post. The No. 2 person at the IMF has traditionally been chosen by the U.S. Officials in Thailand, Russia and South Africa want the next managing director to come from a developing nation even as they failed to unite behind one candidate.

“It has to be wrong for multi lateral bodies to have recruitment processes where birth right is more important than ability,” Manuel said, according to the SABC on its website. “The old order has to pass.”

Manuel can’t personally apply for the job as the selection process doesn’t allow for individual applications, Jele said. Candidates for the position may be nominated by any of the institution’s 187 member nations, after which the board selects a shortlist of three.

Europe Bailouts

European Union nations have given overwhelming support to French Finance Minister Christine Lagarde to head the Washington-based IMF, the institution that approved a record $91.7 billion in emergency loans last year and provides a third of the euro-area’s bailouts.

The IMF aims to complete the selection of a successor to Dominique Strauss-Kahn by June 30. Countries will be able to nominate candidates until June 10, the IMF said in a statement on May 20.

The IMF said the board’s objective is to select the managing director by consensus from the shortlist. Nations have weighted votes, with the U.S. holding almost 17 percent of the total.

To contact the reporter on this story: Robert Brand in Cape Town Nef at rbrand9@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.