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| Kazakh candidate withdraws, but Israeli joins IMF race | |
| (1 day later) | |
| Kazakhstan's central bank chief Grigory Marchenko has ended his bid to head the International Monetary Fund. | |
| He said it was "obvious" that French Finance Minister Christine Lagarde would get the job. | |
| Ms Lagarde is in Portugal as part of a tour to drum up support, while her main rival, Mexico's Central Bank Governor Agustin Carstens, is in India. | |
| A new candidate, Stanley Fischer, governor of the Bank of Israel, Stanley Fischer, has joined the race. | |
| Correspondents say his bid presents a serious challenge to the Ms Lagarde, although at 67, he is two years older than the current age limit for IMF leaders to take up the post. | |
| "A unique, unplanned and possibly and once-in-a-lifetime opportunity has arisen to run for the head of the International Monetary Fund, which after consideration, I decided I wanted to pursue," he said. | |
| In the event of a deadlock between the front-runners, Mr Fischer might be seen as a compromise candidate, correspondents say. | |
| Lack of unity | |
| Mr Marchenko - whose candidacy was put forward by Russia and several other former Soviet republics - told CNN television that he dropped out for two reasons. | Mr Marchenko - whose candidacy was put forward by Russia and several other former Soviet republics - told CNN television that he dropped out for two reasons. |
| "One, it's more or less obvious that Christine Lagarde is going to be elected. | "One, it's more or less obvious that Christine Lagarde is going to be elected. |
| "Second, the developing countries are not able to unite around a single candidate. So, I think it's better to withdraw and not to put some of the countries into embarrassing positions," he said. | "Second, the developing countries are not able to unite around a single candidate. So, I think it's better to withdraw and not to put some of the countries into embarrassing positions," he said. |
| Mr Carstens has been campaigning on a platform that developing nations should have a louder voice at the IMF. He said on Friday that India shared his belief. | Mr Carstens has been campaigning on a platform that developing nations should have a louder voice at the IMF. He said on Friday that India shared his belief. |
| The IMF post became vacant when Dominique Strauss-Kahn quit last month. | The IMF post became vacant when Dominique Strauss-Kahn quit last month. |
| He is currently in New York facing sexual assault charges relating to an alleged attack on a hotel maid. | He is currently in New York facing sexual assault charges relating to an alleged attack on a hotel maid. |
| Drop out | Drop out |
| The final selection for his replacement is expected to be announced by 30 June. | The final selection for his replacement is expected to be announced by 30 June. |
| Former South African Finance Minister Trevor Manuel has also ruled himself out. | |
| Reports had suggested Mr Manuel could be a late entrant into the race, but on Friday he said he had "decided not to avail" himself. | Reports had suggested Mr Manuel could be a late entrant into the race, but on Friday he said he had "decided not to avail" himself. |
| Although he described Ms Lagarde as "very competent", he criticised Europe's assumption that it had an automatic right to the IMF's top job. | |
| "A lot more should have been done to persuade Europeans that this birthright is not a birthright that should find a resonance in an institution as important as the IMF," he said. | "A lot more should have been done to persuade Europeans that this birthright is not a birthright that should find a resonance in an institution as important as the IMF," he said. |
| Ms Lagarde remains the clear favourite. She was expected to learn the outcome on Friday of an examination by three top French judges of allegations that she abused her authority in 2008 when she granted a large payout to a prominent businessman to settle a legal case. | Ms Lagarde remains the clear favourite. She was expected to learn the outcome on Friday of an examination by three top French judges of allegations that she abused her authority in 2008 when she granted a large payout to a prominent businessman to settle a legal case. |
| However, a court has now ruled the decision on whether to pursue the inquiry will be made on 8 July, after the appointment of the new IMF head. | However, a court has now ruled the decision on whether to pursue the inquiry will be made on 8 July, after the appointment of the new IMF head. |
| 'Done deal' | 'Done deal' |
| Ms Lagarde has been in Brazil, India and China this week to try to garner support amongst key developing nations. | Ms Lagarde has been in Brazil, India and China this week to try to garner support amongst key developing nations. |
| She left Beijing for Lisbon on Thursday to take part in the African Development Bank's annual meeting. | She left Beijing for Lisbon on Thursday to take part in the African Development Bank's annual meeting. |
| Before the departure she said she was "very satisfied" about her meeting with Chinese officials. | Before the departure she said she was "very satisfied" about her meeting with Chinese officials. |
| "I have a very positive feeling following these talks, but it's up to them to convey their decision," Ms Lagarde told AFP news agency. | "I have a very positive feeling following these talks, but it's up to them to convey their decision," Ms Lagarde told AFP news agency. |
| Mr Carstens is also continuing his tour - he is visiting India before going to the US next week. | Mr Carstens is also continuing his tour - he is visiting India before going to the US next week. |
| Since its creation, the top job at the IMF has gone to a European, while his or her counterpart at the World Bank has been American. | Since its creation, the top job at the IMF has gone to a European, while his or her counterpart at the World Bank has been American. |
| China, India, Brazil and Russia have called for this tradition to come to an end, as their economies are now becoming more important in the global economy. | China, India, Brazil and Russia have called for this tradition to come to an end, as their economies are now becoming more important in the global economy. |
| Correspondents say that while European countries are keen to appoint a European, there is some support for picking a leader from the developing world. | Correspondents say that while European countries are keen to appoint a European, there is some support for picking a leader from the developing world. |