Factbox: Possible successors to Strauss-Kahn as IMF head

Factbox: Possible successors to Strauss-Kahn as IMF head

French Finance Minister Christine Lagarde and Mexican central bank governor Agustin Carstens have confirmed they are candidates to head the International Monetary Fund, the main institution overseeing global financial stability, Reuters reported.

Russian Finance Minister Alexei Kudrin said on Thursday Moscow still backed Grigory Marchenko, head of the central bank of Kazakhstan, whose name was put forward for the IMF top post by the ex-Soviet Commonwealth of Independent States (CIS). It is unclear whether his name has formally been submitted.

The process for countries to name candidates closes on June 10 and a new head of the IMF will be elected on June 30. The IMF board has said it hoped member countries will agree through consensus on a candidate although it could go to a vote. The United States and Europe hold 48 percent of the votes in the IMF, and emerging markets -- China, India, Brazil and Russia -- have 12 percent of the votes.

The IMF job came open after Dominique Strauss-Kahn was arrested and charged for sexual assault and attempted rape of a maid in a Manhattan hotel.

The IMF post has traditionally gone to a European, but with developing countries playing a greater role in the world economy and demanding a bigger say, there is rising pressure to open the process to all IMF member states.

BRICs nations Brazil, Russia, India and China and South Africa have called the arrangement "obsolete" and argued that it undermined the legitimacy of the fund.

A Reuters poll of economists from all over the world, published on Thursday found 32 of 56 saw Lagarde as the favorite, although Israel's central bank chief, Stanley Fischer, won the most votes as "best suited" for the job.

IMF rules state that no one should be appointed to the post of managing director who is 65 or older and that no one should hold the post beyond the age of 70.

Without changes to those rules, that would knock out some of the names that have been circulating in recent weeks, including Fischer and Indian government adviser Montek Singh Ahluwalia.

Below is a list of remaining potential candidates to succeed Strauss-Kahn at the Washington-based global lender:

CHRISTINE LAGARDE (FRANCE)

Lagarde, 55, has announced she is a candidate to head the IMF. If elected, she would become the first woman to head the institution.

A medal-winning member of France's synchronized swimming team as a teenager and the first female chairman of U.S. law firm Baker MacKenzie, Lagarde won respect in the markets during the global financial crisis and helped promote France's negotiating clout in key forums like the Group of 20.

A flawless English speaker, Lagarde was voted best finance minister in Europe by the Financial Times in 2009.

Counting against her is her nationality. A Frenchman has run the IMF for 26 out of the last 33 years and the Strauss-Kahn embarrassment may make it difficult for Paris to argue that its run should continue. French President Nicolas Sarkozy may be reluctant to see the popular Lagarde leave in the midst of France's presidency of the G20 and a year before the country's legislative and presidential elections.

Lagarde also faces a possible inquiry into her role in awarding financial compensation to flamboyant French businessman Bernard Tapie.

AGUSTIN CARSTENS (MEXICO)

Carstens, 52, has served most of his professional career as an economic policymaker in his home country, becoming governor of the Bank of Mexico in January last year after serving as the bank's chief economist.

His debut raised questions about the central bank's independence after Carstens pledged to work closely with the government and invited the finance minister to sit in on monetary policy discussions.

He had a successful stint as deputy managing director at the IMF from 2003 to 2006, before returning to Mexico to coordinate the economic policy program of President Felipe Calderon, later becoming secretary of finance.

Carstens obtained a PhD in economics in 1985 from the University of Chicago, a haven for proponents of deregulation and laissez-faire economics.

Working against Carstens is the fact that he comes from the Americas. Robert Zoellick of the United States runs the World Bank, and other countries may not be keen to see officials from the same part of the world running the two global institutions.

He also lacks the backing of Brazil, Latin America's leading economy, which said on May 23 it needed more time to make a choice.

GRIGORY MARCHENKO (KAZAKHSTAN)

Russia and other ex-Soviet states backed Marchenko, 52, Kazakh central bank chief, to run for the IMF during a meeting of CIS leaders in Belarus on May 19.

"Frankly speaking, this is all so unexpected," he told a business forum in the Kazakh capital Astana, adding that it was "theoretically possible" he could lead the global lender.

Marchenko was appointed for a second term at the National Bank of Kazakhstan in 2009, the country's central bank.

He served at the bank as deputy governor from 1994 to 1996. After that he worked as head of the National Commission on Securities from 1996-1997, and was head of Deutsche Bank Securities Kazakhstan until 1999 when he returned to the central bank.

In 2004 he was appointed Deputy Prime Minister and in 2005 presidential aide on economic issues.

TREVOR MANUEL (SOUTH AFRICA)

Manuel, 55, is well-respected in global financial circles, having served as finance minister of South Africa from 1996 to 2009. He has long been touted as a possible candidate for the IMF and the World Bank, although IMF insiders believe he would be best suited to the poverty-fighting World Bank.

Born in Cape Town under apartheid, Manuel was a founding member of the United Democratic Front and was imprisoned repeatedly by the South African government for political activities in the late 1980s.

Initially skeptical, the investment community watched with approval as Manuel made a swift transition from blue-jeaned activist to dark-suited minister in the 1990s.

Manuel's position in the cabinet was seen as crucial for foreign investors hoping for a stable transition after the ousting of President Thabo Mbeki in 2008.

Under President Jacob Zuma, who took over as the country's leader in 2009, Manuel has continued to wield influence as head of South Africa's National Planning Commission.

Weekly actual topics in Azerbaijan (April 16-20)
Weekly actual topics in Azerbaijan (April 16-20)
Weekly tenders in the region (April 16-20)
Weekly tenders in the region (April 16-20)
Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
Loading Bars
Latest
OPEC+ supports 0.5 mln bpd output growth since January, monthly meetings
Four killed in large blast in western England: local police
Kazakhstan's revenue from petroleum oil exports to Hungary surge
Georgian NCDC Head urges symptomatic citizens to undergo antigen test
Iran, Turkey call for increased economic coop.
Turkey grapples with COVID-19 surge in 3 cities amid vaccine hope
Kazakhstan's oil & gas company opens tender to buy spares
It is through coordinated, concerted global response based on unity, multilateral cooperation that international community can craft strategies to mitigate effects of COVID-19 - President Aliyev
Special Session of UN General Assembly is remarkable success for Member States of NAM - President Aliyev
Non-Aligned Movement praises activities of UN system in response to COVID-19 - President Aliyev
Throughout 2020 global community faced greatest health crisis in recent history - President Aliyev
Turkmenistan proposes to widen cooperation in the area of nature protection and climate change on the OSCE platform
Turkmenistan committed to humanitarian cooperation within the OSCE
Azerbaijan’s State Oil Company discloses amount of investments in Georgia's economy
Annual production volume from Azerbaijan’s Shah Deniz field to increase by 2023
Azerbaijani president delivers speech at special session of UN General Assembly (PHOTO/VIDEO)
Iran Chamber of Commerce discusses increase of interest rates
Azerbaijan changes rules for distribution of property
Georgia announces final results of parliamentary election
Special session of UN General Assembly on COVID-19 begins at Azerbaijani president’s initiative
OSCE MG Co-Chairs welcome cessation of activities in area of Karabakh conflict
Kazakhstan sees increase in registration of newly-purchased cars
Azerbaijani, Turkish FMs exchange views on meeting of OSCE Ministerial Council
Metallurgical plant built with Russia’s support to be launched in Uzbekistan
Uzbekistan Railways JSC to increase authorized capital
Russia hopes UNESCO mission to arrive soon in Nagorno-Karabakh region
Georgian state flour subsidy program to maintain stable prices for bread
Foreign trade grows between Russia’s Udmurtia, Turkmenistan
Uzbekistan’s Energy Ministry eyes studying Rothschild & Co experience in entering IPO
Azerbaijan raises cargo exports in value terms
National Bank of Georgia sells funds at foreign exchange auction to stabilize lari
Korean government donates glove boxes to Azerbaijan for COVID-19 examination (PHOTO)
Public to be provided with detailed information about martyrs - Azerbaijani MoD
Georgia continuing efforts to diversify production and promoting use of renewable energy
Number of projects to be implemented at Angren FEZ in Uzbekistan revealed
Prospects for expanding capabilities of Southern Gas Corridor discussed
Kazakhstan looking for co-op opportunities with Northern European countries despite COVID-19
Coronavirus adversely affects activities of Georgian JB Group
Uzbekistan, Turkey discuss creation of industrial zone in Tashkent
Productivity of Azerbaijani liberated lands to be assessed
Baku Metro opens tender to attract renovation, installation services
Ceyhan terminal’s oil transshipment from ACG exceeds 195 million barrels
OSCE potential in settlement of conflicts remains in demand – Russian FM
Crude oil shipments decrease at Kazakhstan's Marine Terminal of CPC
Karabakh agreement can positively influence Turkish-Armenian relations - Mevlut Cavusoglu
Azerbaijan records annual growth in lending to agricultural sector
Uzbek-Korean JV opens tender for gas purchase
Patriotic War Memorial Complex and Victory Museum to be established in Baku
Khazar Consortium opens tender for maintenance, repair of office equipment in Turkmenistan
We are entering new post-conflict stage of reconstruction, rehabilitation - Azerbaijani FM
President Ilham Aliyev signs order on commemoration of Patriotic War martyrs
SOCAR’s share in Azerbaijan’s natural gas output down
Anti-Azerbaijani efforts of Armenian diaspora and pro-Armenian forces fail
Georgia sees increase in public debt
Georgian restaurants ask for benefits and salary compensation
Lithuanian company talks on new payment device for Azerbaijani market
Georgian E-Space to attract partners for developing network of charging stations
SOCAR sees increase in proven gas and condensate reserves
Georgian bread company plans to expand its business
Iran's power production capacity increases
Employment in Iran's Kurdistan Province increases
Azerbaijan confirms 4,189 new COVID-19 cases, 2,072 recoveries
Azerbaijani banks' demand for foreign currency declines
Commandants appointed for liberated Lachin, Kalbajar districts of Azerbaijan
Turkish FM talks regional benefits of trilateral agreement on Karabakh
Bahar Azadi gold coin price again falling in Iran
Assets of Uzbek commercial banks increase over 10M2020
Greece extends nationwide lockdown by a week, to Dec. 14
Most of Azerbaijani goods' exports via Single Window system falls on air transportation
Number of enterprises launched in Iran's Qom Province up
Demand for Azerbaijani commercial banks grows year on year
SOCAR’s 2019 oil output exceeds forecasts
Date of Turkish president's visit to Azerbaijan disclosed
OSCE chairman-in-office welcomes cessation of hostilities in Nagorno-Karabakh region
Defense Ministry discloses number of missing Azerbaijani servicemen and currently under medical treatment
Number of people infected with coronavirus pandemic in Iran exceeds 1 million
Turkmenistan cuts imports of cars from Turkey
Azerbaijan discloses number of its servicemen killed in second Karabakh war
Azerbaijan lowers cement imports from Turkey
Iran's trade turnover with some Central Asian countries revealed
Trilateral statement of Nov. 10 ends nearly 30-year occupation of Azerbaijani lands - FM
Growth pace of both lari and foreign currency deposits slows down in Georgia
Azerbaijan reveals latest data on exports and imports of finished textile products
Iran inaugurates new power projects
Association of electrotechnical enterprises to increase production in Uzbekistan
Iran declares amount of money paid to tea farmers
Kazakhstan discusses measures to improve national economy with UNDP
SOCAR’s proven oil reserves down y-o-y
Azerbaijan creates service post, appoints inspectors in liberated Sugovushan, Talish villages (PHOTO)
Azerbaijan to solemnly celebrate Victory Day every year on Nov. 8
Lari exchange rate and pandemic impact electricity tariffs in Georgia
Turkey's export to Turkic-speaking countries up
Expenses on construction of enterprises decline in Iran’s Qazvin province
Iran plans changes to law for citizens paying tax upon leaving country
Food products jump in price in Kazakhstan in Nov. 2020
Azerbaijan shows video footages from Husulu, Malibey villages of Lachin district (VIDEO)
Iran’s Wagon Pars Company discloses number of manufactured wagons
Azerbaijan records growth in life insurance market
Global Gas Centre can help promote Turkmen gas in Central Asia, Europe
Export of major Azerbaijani non-oil companies down
All news