Share

Lagarde to go on Brics charm offensive

Paris/ Beijing - French Finance Minister Christine Lagarde plans to visit emerging countries such as China and Brazil soon to garner support for her bid for the top International Monetary Fund post, but no dates have been set yet, aides said on Thursday.
 
“(The date) hasn’t been decided yet,” one aide told Reuters.

Brazil, Russia, India, China and South Africa have criticised EU officials for suggesting the next IMF chief must be a European, but have not come up with their own candidate.  

China said on Thursday that any decision on who should lead the IMF "should be made through democratic consultation", refraining from taking a firm public position on Lagarde's candidacy.

The faxed statement from the ministry, in response to a question about China's position on who should head the IMF, repeated Beijing's position that senior management of the organisation "should enhance representation of the emerging market countries and reflect changes in the world economy".

But the statement did not say directly whether China endorses or opposes Lagarde, or possibly the other declared candidate, Mexican Central Bank governor Agustin Carstens.

They are competing to succeed Dominique Strauss-Kahn, who faces charges of sexual assault and resigned from the position.

"There is a consensus among the leaders in the Group of 20 that the selection of the management of international financial institutions, including the International Monetary Fund, should abide by the principles of openness, transparency and being merit based," said the statement, echoing the foreign ministry's earlier comments on the issue.

"China has noted that countries concerned have proposed candidates for the executive directorship of the IMF. We hope that the decision will be made through democratic consultation on the basis of these above principles."

China's latest comment suggested that, at least, it expects some negotiation over who should replace Strauss-Kahn.

In a joint statement on Tuesday, IMF directors for China, Brazil, India, South Africa and Russia criticised European officials for implying the successor should be European.  

Hours before that, France's government had said China would back Lagarde.

China's central bank governor, Zhou Xiaochuan, said last week the IMF's future leadership should reflect the growing stature of emerging economies, but stopped short of saying the head of the group should come from an emerging economy.

China is the biggest of the fast-growing emerging economies that will gain more say at the IMF under an agreement reached last year that reflects their growing economic power.
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.89
+0.2%
Rand - Pound
23.84
+0.3%
Rand - Euro
20.36
+0.4%
Rand - Aus dollar
12.30
+0.3%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders