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IMF: Lagarde wins support, as Fischer joins race | IMF: Lagarde wins support, as Fischer joins race |
(40 minutes later) | |
Christine Lagarde has won support from Egypt and Indonesia in the race to become 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. |
Government ministers in both countries said on Sunday that she would be the best choice. | Government ministers in both countries said on Sunday that she would be the best choice. |
This development followed news that Bank of Israel Governor Stanley Fischer had joined the IMF presidential race. | 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 job. | Mexico's central bank governor Agustin Carstens is the other candidate campaigning for the job. |
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. | 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. |
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'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. | 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. | 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." | "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. | 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. |
'Unique opportunity' | |
But Ms Lagarde found herself with another rival at the weekend when Mr Fischer, 67, launched a surprise bid for the job. | 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. | "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. | 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. |
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." | 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' | 'Lack of unity' |
News of his entry into the race came hours after Kazakhstan's central bank chief Grigory Marchenko withdrew from the running. | 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 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. |
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. |
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 also ruled himself out on Friday. | Former South African Finance Minister Trevor Manuel also ruled himself out on Friday. |
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. |
'Positive feeling' | 'Positive feeling' |
Ms Lagarde was in Brazil, India and China last week to try to garner support amongst key developing nations. | Ms Lagarde was in Brazil, India and China last 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 was also continuing his tour - 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. |