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IMF: Fischer joins race, but Marchenko withdraws IMF: Lagarde wins support, as Fischer joins race
(about 6 hours later)
Stanley Fischer, governor of the Bank of Israel, has joined the race to be the next head of the International Monetary Fund. Christine Lagarde has won support from Egypt and Indonesia in the race to become head of the International Monetary Fund.
The news came hours after Kazakhstan's central bank chief Grigory Marchenko withdrew from the running. Government ministers in both countries said on Sunday that she would be the best choice.
Mr Marchenko said it was "obvious" that French Finance Minister Christine Lagarde would get the job. This development followed news that Bank of Israel Governor Stanley Fischer had joined the IMF presidential race.
Mexico's central bank governor Agustin Carstens is the other candidate campaigning for the IMF job. Mexico's central bank governor Agustin Carstens is the other candidate campaigning for the job.
Correspondents say Mr Fischer's bid may present a serious challenge to Ms Lagarde. Although, at 67, he is two years older than the current age limit for IMF leaders to take up the post. Ms Lagarde has been on a whistle-stop tour of Asia and the Middle East amid suggestions that emerging-market countries would prefer a non-European to hold the IMF 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. Egypt's Foreign Minister Nabil al-Arabi told reporters, after talks with Ms Lagarde in Cairo: "The Egyptian government supports the candidacy of French Finance Minister Christine Lagarde for the post of managing director of the IMF," Arabi told
Egypt is on the 24-member executive board which is due to reach a decision on naming a new IMF chief at the end of this month.
Indonesian Finance Minister Agus Martowardojo also backed his French counterpart.
"Personally I support France," he said on the sidelines of a World Economic Forum meeting. "She's a professional person, very skilful in interacting between organisations, has high integrity and expertise."
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.
But Ms Lagarde found herself with another rival at the weekend when Mr Fischer, 67, launched a surprise bid for the job.
"A unique, unplanned and possibly 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.
BBC correspondents say Mr Fischer may present a serious challenge to Ms Lagarde despite being two years older than the current age limit for IMF leaders to take up the post.
In the event of a deadlock between the front-runners, Mr Fischer might be seen as a compromise candidate, correspondents say.In the event of a deadlock between the front-runners, Mr Fischer might be seen as a compromise candidate, correspondents say.
Lack of unity Ms Lagarde, in Saudi Arabia for a meeting with ministers, declined to comment specifically on Mr Fischer's bid, saying only: "He has past experience as the number two at the IMF... Everybody is free to file a candidacy."
'Lack of unity'
News of his entry into the race came hours after Kazakhstan's central bank chief Grigory Marchenko withdrew from the running.
Mr Marchenko said it was "obvious" that French Finance Minister Christine Lagarde would get the job.
Mr Marchenko - whose candidacy was put forward by Russia and several other former Soviet republics - told CNN television on Friday 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 on Friday 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.
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
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 on Friday. Former South African Finance Minister Trevor Manuel also ruled himself out on Friday.
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.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. 'Positive feeling'
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. Ms Lagarde was in Brazil, India and China last week to try to garner support amongst key developing nations.
'Done deal'
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 was also continuing his tour - 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.