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Frenchman is named new IMF chief | Frenchman is named new IMF chief |
(about 2 hours later) | |
Dominique Strauss-Kahn has been formally named as the new head of the International Monetary Fund (IMF). | Dominique Strauss-Kahn has been formally named as the new head of the International Monetary Fund (IMF). |
The appointment of the former French Socialist finance minister to the helm of the organisation had been widely expected. | The appointment of the former French Socialist finance minister to the helm of the organisation had been widely expected. |
The only other nomination for the role was Josef Tosovsky, a former Czech prime minister, who was put up as a late candidate by Russia. | The only other nomination for the role was Josef Tosovsky, a former Czech prime minister, who was put up as a late candidate by Russia. |
Mr Strauss-Kahn was backed by Europe and the US, which dominate the IMF. | Mr Strauss-Kahn was backed by Europe and the US, which dominate the IMF. |
Mr Strauss-Kahn was visiting Chile when the IMF board decision was announced, in a symbolic gesture to show his desire to give emerging economies more of a voice in key decisions at the IMF. | Mr Strauss-Kahn was visiting Chile when the IMF board decision was announced, in a symbolic gesture to show his desire to give emerging economies more of a voice in key decisions at the IMF. |
In a statement after the announcement on Friday afternoon, he said: "I am determined to pursue without delay the reforms needed for the IMF to make financial stability serve the international community, while fostering growth and employment." | |
I know he possesses the experience, vision, and dedication to public service needed to lead the IMF Rodrigo de Rato, departing IMF boss | |
The 58-year-old who lost out to Segolene Royal to be the Socialist party's candidate in the recent French presidential election will take up the post as IMF managing director for a period of five years on 1 November. | |
The incumbent, Spain's Rodrigo de Rato, will step down then, cutting short his tenure for personal reasons. | |
French President Nicolas Sarkozy had supported Mr Strauss-Kahn's leadership bid and hailed the nomination as a "great victory for French diplomacy." | |
Tough task | Tough task |
The IMF is a multinational body charged with giving financial aid and assistance to developing countries to secure global financial stability. | |
But there has been growing criticism over its legitimacy because of the overriding influence of rich nations at the expense of emerging powerhouses, such as India and China. | |
Since the group's post World War II inception, it has been the custom that Europe picks the boss of the IMF, a practice considered unfair. | |
Many of the IMF's 185 members are also unhappy with how the board and voting rights are structured. | |
Mr Strauss-Kahn has pledged to introduce ambitious reforms to the current structure, describing the power-sharing partnership between the US and Europe as "less and less defensible". | |
The departing IMF boss, Mr de Rato, welcomed the appointment. | |
"I know he possesses the experience, vision, and dedication to public service needed to successfully lead the IMF at this important juncture," he said. |