Zhu set to play major IMF role
Source: Agencies |
July 8, 2011, Friday
|
Print Edition
Print Edition
CHINA is close to clinching a top-level post at the International Monetary Fund, according to sources, after its new chief pledged to give more power to emerging economies.
Zhu Min, who was a special adviser to former IMF chief Dominique Strauss-Kahn, is expected to fill a new deputy managing director post to be created by the new managing director, Christine Lagarde.
"Zhu Min is expected to be named to deputy managing director," an IMF board member told reporters.
The appointment, which would give China one of the top five management jobs at the IMF, would first need the approval of the 24-member board of member countries.
On Wednesday, Lagarde vowed during her first news conference as managing director to give developing nations a greater role in the fund. She said she was considering creating a new high-level job that would be filled by a candidate from an emerging market country. The move should appeal to emerging and developing markets, which have demanded a greater say in the international financial institution to reflect their growing economic clout.
China, the world's second-largest economy, had pressed for a senior-level position but was blocked by Japan's long-held lock on another deputy managing director post, currently held by Naoyuki Shinohara.
Zhu is a former deputy governor of the People's Bank of China.
His appointment would give Asia two senior management posts in the IMF plus the chair of the IMF's top advisory committee, which was recently filled by Tharman Shanmugaratnam, Singapore's finance minister.
The deputy managing directors often chair board discussions on lending decisions when the managing director is absent.
The IMF's No. 2 job is also set to open up with the departure at the end of August of American John Lipsky, the fund's first deputy managing director. IMF sources have said the United States is considering naming White House adviser David Lipton for the job, keeping the post in US hands.
During her candidacy, Lagarde traveled to Beijing to lobby for support.
"The world is going to continue to change," she told reporters on Wednesday. "We have these tectonic plates that are moving at the moment, and that needs to be reflected in the composition of governance and employment at the fund."
Zhu Min, who was a special adviser to former IMF chief Dominique Strauss-Kahn, is expected to fill a new deputy managing director post to be created by the new managing director, Christine Lagarde.
"Zhu Min is expected to be named to deputy managing director," an IMF board member told reporters.
The appointment, which would give China one of the top five management jobs at the IMF, would first need the approval of the 24-member board of member countries.
On Wednesday, Lagarde vowed during her first news conference as managing director to give developing nations a greater role in the fund. She said she was considering creating a new high-level job that would be filled by a candidate from an emerging market country. The move should appeal to emerging and developing markets, which have demanded a greater say in the international financial institution to reflect their growing economic clout.
China, the world's second-largest economy, had pressed for a senior-level position but was blocked by Japan's long-held lock on another deputy managing director post, currently held by Naoyuki Shinohara.
Zhu is a former deputy governor of the People's Bank of China.
His appointment would give Asia two senior management posts in the IMF plus the chair of the IMF's top advisory committee, which was recently filled by Tharman Shanmugaratnam, Singapore's finance minister.
The deputy managing directors often chair board discussions on lending decisions when the managing director is absent.
The IMF's No. 2 job is also set to open up with the departure at the end of August of American John Lipsky, the fund's first deputy managing director. IMF sources have said the United States is considering naming White House adviser David Lipton for the job, keeping the post in US hands.
During her candidacy, Lagarde traveled to Beijing to lobby for support.
"The world is going to continue to change," she told reporters on Wednesday. "We have these tectonic plates that are moving at the moment, and that needs to be reflected in the composition of governance and employment at the fund."
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