PHA-Exchange> IMF Head de Rato resigning

[David Woodward]

Dear All
 
It seems we have another opportunity to challenge the US and EU dominance of the leadership of the Fund and Bank. With intersting timing, just days after the appointment of Robert Zoellick as head of the World Bank, IMF Managing Director Rodrigo de Rato has just announced that he will stand down, with effect from October, "for personal reaons" (http://www.imf.org/external/np/sec/pr/2007/pr07147.htm <http://www.imf.org/external/np/sec/pr/2007/pr07147.htm> ). 
 
Of course, the Europeans will be reluctant to give away their "right" to appoint the head of the Fund just after the US have again appointed the Bank President - but the process was actually slightly more open in the IMF last time than it ever has been in the Bank; and it would surely undermine the credibility of the institutions still further to have two such travesties of democracy and due process in such rapid succession. So, any and all support that can be offered in highlighting the issues and pressing for an open, transparent, inclusive and meritocratic process, in which the preferences of all IMF members are given equal weight, would be very welcome!
 
David

________________________________

From: Peter Chowla [mailto:pchowla at brettonwoodsproject.org]
Sent: Thu 6/28/2007 4:15 PM
To: UK Bretton Woods Institutions Listserv
Cc: EuroIFInet
Subject: [bwi-uk] IMF MD de Rato resigning



Dear all,

The IMF MD will step down in October. That gives us plenty of time to get on top of the European governments to do the right thing and open up the selection process!

-Peter

IMF Managing Director Rodrigo de Rato to Leave Following the 2007 Annual Meetings
Press Release No. 07/147
June 28, 2007
http://www.imf.org/external/np/sec/pr/2007/pr07147.htm

<snip>

Mr. Rodrigo de Rato, the Managing Director of the International Monetary Fund (IMF), informed the IMF's Executive Board today that he will not be able to serve the full length of his mandate as Managing Director and intends to leave the Fund in October following the conclusion of the 2007 Annual Meetings of the Boards of Governors of the IMF and World Bank Group.

<snip>

"I have taken this decision for personal reasons. My family circumstances and responsibilities, particularly with regard to the education of my children, are the reason for relinquishing earlier than expected my responsibilities at the Fund.

"My intention is to step down as Managing Director soon after the 2007 Annual Meetings and I wanted to share my decision with you as soon as I made it in order to provide the Board with reasonable time to appoint my successor.
__ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __
Peter Chowla
Policy and Advocacy Officer

The Bretton Woods Project:
Critical voices on the World Bank and IMF
http://www.brettonwoodsproject.org <http://www.brettonwoodsproject.org/> 
Hamlyn House, Macdonald Road, London UK N19 5PG
Tel: +44 (0)20 7561 7547
Skype: pchowla.bwp

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