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BRICS Still in Talks on Joint IMF Candidate, Gordhan Says

Brazil, Russia, India, China and South Africa are still in talks to nominate a joint candidate to head the International Monetary Fund, South African Finance Minister Pravin Gordhan said.

The focus must shift to the role of the IMF and the agenda of the new managing director of the fund, rather than on the candidate, Gordhan told reporters in Cape Town today. Countries have until June 10 to nominate candidates.

“The BRICS countries have also been consulting on this issue and the process is not completed yet,” Gordhan said. “There might be something that comes out of it, there might be nothing that comes out of it.”

Emerging economies have urged an end to the convention of naming World Bank presidents from the U.S. and the head of the International Monetary Fund from Europe. The 187-member IMF aims to pick a successor to Dominique Strauss-Kahn by the end of June, after he resigned last month following his arrest in New York on charges of attempted rape and sexual assault.

French Finance Minister Christine Lagarde has emerged as the front-runner for the IMF job with the backing of the European Union.

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