Oxfam statement on the selection process of the next General Director of the IMF

In light of today’s announcement by Christine Lagarde of her candidacy for the top IMF post ahead of the G8 Summit, as well as the ongoing debates on the quality of the selection process for the position, Oxfam spokesperson Emma Seery made the following statement: 

“Oxfam fears that the club of 8 will caucus their appointment of the next head of the IMF at this Summit. The G8 must not subvert proper process by stitching up a backroom deal to install a European as head of the IMF.

“It's time to retire the ‘gentlemen’s agreement’ that puts a European at the head of the IMF. Emerging economies have made it very clear that new managing director’s credibility and legitimacy will hinge on an open election process, and we believe that they, along with the poorest countries should have a voice in this decision. The G8 and Europe need to get to grips with the reality of a world powered by new players who demand a voice in selection the new IMF chief."