Trevor Manuel could replace IMF Boss Dominique Strauss-Kahn

Whilst Dominique Strauss-Kahn is battling allegations of trying to rape the help at a New York hotel, Trevor Manuel stand a bloody good chance of replacing him as the head of the IMF. More after the jump:



Trevor Manuel, head of the National Planning Commission, could emerge as a candidate to replace International Monetary Fund (IMF) chief Dominique Strauss-Kahn.

Strauss-Kahn is in custody after allegedly sexually assaulting a hotel cleaner in New York. He hasn't formally stepped down yet, though few analysts think he can survive the charges.

 

  
Simon Johnson, professor at Massachusetts Institute of Technology's Sloan School of Management and former IMF chief economist, told Sake24 that Manuel is definitely a strong candidate for the position.

However, he would have to get the support of other emerging countries.

Johnson thinks that if the Brics countries (Brazil, Russia, India, China and SA) could agree on a candidate, that person would be the front runner in the race to become the new IMF head.

The IMF and the World Bank are both under pressure to appoint someone who isn’t European or American. Europeans have been in charge of the IMF since its establishment in 1945.

Turkey’s former finance minister Kemal Dervis, Bank of Mexico head Agustin Carstens and Montek Singh Ahluwalia, deputy head of India’s planning commission, are also expected to be in the running.

Europe’s best hope in keeping the job is probably French Finance Minister Christine Lagarde. The fact that the IMF has never had a female head could work in her favour.

Sapa reports that Chancellor Angela Merkel on Monday told reporters Strauss-Kahn should be considered innocent until proven otherwise. However, she immediately raised the possibility of his departure by saying that in the light of the current euro crisis, his successor should be a European.

"It's important not to voice any suppositions of guilt," Merkel said. Strauss-Kahn has denied the charges.

"We know that in the medium term emerging countries will have a good claim to the chairmanship of the IMF and World Bank." However, "in the current situation, there are good reasons to say that Europe has good candidates" to take over should Strauss-Kahn step down, added Merkel.

 

"Europe doesn't have a right to the director's chair, that's obvious. But in the current situation when the IMF is especially needed to fight the crisis in some euro states, the German government sees good reasons why there should be a good European candidate," Merkel's spokesperson Steffen Seibert had earlier told the press.

The IMF remains "fully operational", a spokesperson said after its executive board met informally to consider the criminal charges filed against its MD.

Caroline Atkinson told Sapa the IMF board had received verbal reports about the charges from acting MD John Lipsky and Sean Hagan, the fund's lawyer.

 

 Kudos to Trevor Manuel for being considered for the position. Dear Dominique: When you're in charge of such copiuos amounts of money you should be able to buy ass, thats why Hoes were invented. For someone thats in charge of all that money you're pretty stupid!

BCM

fin24