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Ex-Spanish Finance Minister to Lead IMF
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| Contributor | Gerald Farinas |
| Last Edited | Gerald Farinas May 05, 2004 12:03pm |
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| Category | News |
| Media | News Service - Associated Press |
| News Date | Wednesday, May 5, 2004 06:00:00 AM UTC0:0 |
| Description | Ex-Spanish Finance Minister to Lead IMF
The Honolulu Advertiser
Former Spanish Finance Minister Rodrigo Rato has been selected as the new managing director of the International Monetary Fund, continuing a 60-year tradition of picking a European to head the IMF. The 184-nation lending institution announced Tuesday that its executive board had chosen Rato in a two-stage process. Rato was elected to a five-year term to succeed Horst Kohler, who resigned March 4 to run for the presidency of Germany. Rato won Europe's backing after Jean Lemierre of France, withdrew from consideration. The selection of Rato, 55, went much more smoothly than a battle four years ago when the United States rejected the first German candidate put up for the post, forcing Europe to come up with Koehler as an alternate.
For 60 years, the IMF has been headed by a European while its sister lending organization, the World Bank, has been headed by an American. However, developing countries campaigned this time around to overhaul the selection process. |
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