24 May 2011
Oxfam response: IMF selection process for next managing director
The IMF Board has announced that it will draw up a shortlist of three candidates, “through indications of which candidates receive the most support among Directors, taking into account the Fund's weighted voting system.”
Oxfam spokesperson Sarah Wynn-Williams said:
“The appointment process is fatally undermined by the IMF’s archaic voting system, which discriminates in favor of Europe and against large developing economies.
”The process outlined by the IMF is not fair. European countries are vastly over-represented in terms of quota on the IMF board. Not taking account of key economies discredits the institution.
”It’s disappointing that the IMF has chosen not to reflect the reality of the global economy in this election process.
”Only a truly fair and democratic appointment system can ensure the IMF retains its legitimacy in the eyes of the world at this difficult time.”