Asia-Pacific

Philippines: IMF head should come from emerging market

(Xinhua)
Updated: 2011-05-26 19:15

MANILA - The Philippine government supports proposal that the new head of the International Monetary Fund (IMF) should come from emerging economies, a senior government official said on Thursday.

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Presidential Communications Development and Strategic Planning Secretary Ricky Carandang said that if the person who would take the helm of the IMF would come from the developing economy, there would be greater voice for them.

"I think what we've always said is that the emerging economies should have a greater say in IMF matters. So whether its Asian or not, if the person would come from emerging market, the voice of the developing economies could be louder in the IMF," he said.

Finance Secretary Cesar Purisima supports calls for an Asian IMF chief, and had said that Singapore Finance Minister Tharman Shanmugaratnam, who chairs the IMF's International Monetary and Financial Committee, is "well qualified" for the position.

IMF directors for China, Brazil, India, South Africa and Russia, or BRICS countries, have urged that the selection of the next head of the IMF should reflect the changing realities of the global economy, and should not be made on the basis of the tradition that requires a European chief.

The IMF is searching for a new managing director following former IMF chief Dominique Strauss-Kahn's recent resignation. Strauss-Kahn resigned over allegations that he had sexually assaulted a hotel maid in New York City.