Global Reaction

Brazil welcomes competition for IMF post

Updated: 2011-05-26 10:57
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* Brazil welcomes more than one candidate for IMF post

* Brazil's Mantega proposes shortened term for next chief

* Carstens to visit Brazil next week seeking support

BRASILIA - Brazil is pleased there is competition for the job to head the International Monetary Fund and will seek commitments to give emerging markets more clout in the IMF, Finance Minister Guido Mantega said on Wednesday.

"I think it's good that candidacies are launched," Mantega told reporters in Brasilia.

"More important than the names, for us ... are the candidates' commitments regarding the IMF agenda," he said.

Mantega's remarks come as Mexico's central bank chief Agustin Carstens, who faces French Finance Minister Christine Lagarde in the race for the IMF job, will travel to Brazil next week to seek support.

Dominique Strauss-Kahn stepped down as the IMF managing director to defend himself from charges including attempted rape.

Brazil and other emerging market nations have criticized EU officials for suggesting the IMF chief must continue to be a European, a convention that dates to the founding of the global lender after World War Two.

Mantega also repeated Brazil's call that the next IMF chief only fill out Strauss-Kahn's term, through next year.

"We will propose to the executive directory, perhaps because of the lack of time to have a deeper debate, that this could be a mandate to finish the mandate of Dominique," Mantega said, referring to Strauss-Kahn.