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| Version 1 | Version 2 |
|---|---|
| BRICS countries 'concern' over European IMF head | BRICS countries 'concern' over European IMF head |
| (about 1 hour later) | |
| Developing countries have expressed concern over the selection process for the next head of the International Monetary Fund (IMF). | Developing countries have expressed concern over the selection process for the next head of the International Monetary Fund (IMF). |
| Brazil, Russia, India, China and South Africa said choosing a managing director on the basis of nationality undermined the fund's legitimacy. | Brazil, Russia, India, China and South Africa said choosing a managing director on the basis of nationality undermined the fund's legitimacy. |
| European officials believe another European should replace Dominique Strauss-Kahn as IMF managing director. | |
| Mr Strauss-Kahn resigned last week to fight sex assault charges in New York. | |
| Difficult decision | |
| The five executive directors representing the so-called BRICS countries at the Washington-based fund expressed their position in a joint statement. | The five executive directors representing the so-called BRICS countries at the Washington-based fund expressed their position in a joint statement. |
| "We are concerned with public statements made recently by high-level European officials to the effect that the position of managing director should continue to be occupied by a European," they said. | "We are concerned with public statements made recently by high-level European officials to the effect that the position of managing director should continue to be occupied by a European," they said. |
| "The recent financial crisis which erupted in developed countries underscored the urgency of reforming international financial institutions so as to reflect the growing role of developing countries in the world economy." | "The recent financial crisis which erupted in developed countries underscored the urgency of reforming international financial institutions so as to reflect the growing role of developing countries in the world economy." |
| The BBC's Tom Burridge in Washington says this statement is a direct challenge to Europe and if the BRIC countries can rally behind one of the several contenders from emerging economies, it will leave a difficult, and diplomatically sensitive, decision for the 24 members of the IMF's executive board. | |
| Newly confident emerging economies have been pushing for years for a greater voice, and more voting shares, at the IMF. | Newly confident emerging economies have been pushing for years for a greater voice, and more voting shares, at the IMF. |
| A number of European figures have thrown their weight behind French Finance Minister Christine Lagarde as the next IMF head. | A number of European figures have thrown their weight behind French Finance Minister Christine Lagarde as the next IMF head. |