Who Should Be the Next Chief of the IMF?

Posted by admin on July 12th, 2011 at 07:34am

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This is the VOA Special English Economics Report.

The International Monetary Fund will need to find a new leader. Dominique Strauss-Kahn has resigned as managing director. Mr. Strauss-Kahn is charged with a sexual attack on a cleaning woman at a New York hotel last Saturday. He said in a resignation letter released Thursday by the IMF that he denies the charges “with the greatest possible firmness.”

His fall has especially shocked Europe. The IMF is currently playing a major part in rescue loans to Greece, Ireland and Portugal. European nations have increasingly depended on the fund to help them in their recent struggles with debt.

The IMF and the World Bank grew out of an international conference held in the United States in nineteen forty-four. They were created as ways to support economic cooperation and development.

Both are both based in Washington. The World Bank has traditionally been led by an American and the IMF by a European.

But fast-growing economies in the developing world say it is time for a change. Officials from Brazil, China and India say Mr. Strauss-Kahn’s replacement should come from outside Europe.

German Chancellor Angela Merkel, leader of Europe’s biggest economy, disagrees.

ANGELA MERKEL: “In the present situation, when we have significant problems with the euro and the IMF is very much involved there, there should be a European candidate with support from the international community.”

The main job of the IMF is to help make sure payments flow smoothly between nations. Sometimes this means providing loans so governments can meet debt payments.

The money it lends comes mostly from “quotas” — financial promises made by its members. One hundred eighty-seven nations belong to the IMF. The lender currently has about two hundred fifty billion dollars in approved loans. Most of these loans have not yet been used, or drawn down.

What effect the resignation of Dominique Strauss-Kahn will have is unclear. He was praised as a skillful negotiator in dealing with Europe and the global financial crisis.

STEPHANIE RICKARD: “But the actual negotiations of the loan conditions on the ground is done by technocratic economists, staff members at the IMF, and they’re going to continue to do their job.”

Stephanie Rickard is an expert on the IMF and World Bank at the London School of Economics.

Dominique Strauss-Kahn became managing director in two thousand seven. The Frenchman widely known as DSK is a member of France’s Socialist party. Before his arrest, he was considered a leading candidate for France’s presidential election next year.

And that’s the VOA Special English Economics Report. I’m Mario Ritter.

Under Economy Report

8 Comments

  • 1. kim lien  |  July 12th, 2011 at 2:01 pm

    I cannot imagine a biggest leader of the IMF in charged with a sexual attack that made him to resign. Whole European community and the world beleived him as a talent leader. However he made disappointness. I think all economic leaders of the world need to discuss together to find a new chief for the IMF in the future.

  • 2. ivy  |  July 12th, 2011 at 8:51 pm

    i’m really not to be surprise about managing director of IMF who was charged in last saturday. i think all leader of big organization or small organization have advantage disadvatage. for those people have ethics in career that will be known as well-known and respection of public. and conversely, those people as Dominique Strauss-Kahn will be arrest and contempt. i hope IMF will find person who will suit for this location, who are talent and ethixs of career. good kuck !

  • 3. susprs  |  July 13th, 2011 at 9:15 am

    Being the chief of IMF, but Dominique Strauss-Kahn made sexual attack on a cleaning woman, i think he deserved his result. And the next chief of IMF is Mrs Christine Lagarde, she is also French. I read some informations about her and i see that she is a proficient woman. I hope that she will make the world economy grow up stronger.

  • 4. hongnguyen  |  July 13th, 2011 at 10:05 am

    I think so. he is a leader of a such big organization but what he brought about that leaning women makes people including me feel disappoited with some current leaders.hope that international official will choose a deserved person !

  • 5. Thao truc  |  July 15th, 2011 at 7:46 am

    It is very difficult to be a good leaders in society nowaday. i wish that the ladies would make a express society image the best forever

  • 6. Hy  |  July 15th, 2011 at 4:06 pm

    The story about a sexual attack by director of IMF Dominique Strauss-Kahn is now changed.The charge about a sexual attack was loss because people found that the statements of the cleaning woman are not total true.Mr.DSK has been in free but he has been faced a new charge with also a sexual attack in France several years ago from a young journalist .
    The IMF curently has elected a new chief: Mrs.Christine Lagarde,she is the former French financial minister.
    I don’t want to comment about DSK because all things about him are still unclear,but his wife I can say that she is a excellent woman .

  • 7. Minh  |  August 2nd, 2011 at 3:31 pm

    I’m really shocked as knowing that a such big figure was involved in a sexual attack, even on a cleaning woman. Why did he think more carefully prior to this due to the fact that he is really a pretty important person. In addition, I support the idea that his replacement shouldn’t be outside the Europe since the IMF was founded in order to help Eu countries to fight against their debts.

  • 8. thai phong  |  October 15th, 2011 at 9:41 pm

    to be a public man is so hard!! i think that he have been trapped by some one who want to get him out his position, this case is much suspicious. european countries should protect him,because only him can help to them to overwhelm this bad crisic.it is my opinion i hope everyone here has the same.


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