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IMF To Hire New Chief With Deadline Set For September

BY Juma · July 29, 2019 10:07 am

The International Monetary Fund (IMF) is seeking to hire a new chief after the resignation of Christine Lagarde who went to lead the European Central Bank.

Europe has already identified five candidates fit for the position with the deadline for application set for September 6th.

The identified contenders are; Nadia Calvino who is the Spanish Finance Minister, Mario Conteno who is the current Finance Minister in Portugal, Jeroen Dijisselbloem who is former Dutch Finance Minister.

Others are the World Bank CEO Kristalina Georgieva of Bulgaria and the Finland Governor Olli Rehn. The Governor for the Bano of England who had been said to be the frontrunner was not on the list.

Traditionally, a European runs the International Monetary Fund (IMF) and for years, nobody outside Europe has ever applied.

According to Bloomberg, the new IMF leader will take over at a time the economy of the world is at its weakest point in decades.

On several occasions, the IMF has had to revise its projection for global economic growth with the latest placing the growth at 3.2 percent.

What many people don’t know is that there is an agreement between Europe and the United States of America that the head of IMF has to come from Europe while the head of the World Bank has to come from the United States.

According to a statement by the IMF, the new chief will be selected by way of consensus. “Individuals may be nominated by a Fund Governor or Executive Director and as with the past practice, we aim to reach a decision by consensus.”

The IMF is an organization that comprises of 189 countries that were formed to work towards fostering global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable growth as well as reducing poverty.

In Kenya, the IMF has been instrumental in warning the government against the ballooning public debt.

Read Also: Kenya’s Debt Rose to Ksh 5.53 Trillion Under Rotich’s Tenure

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it. (020) 528 0222 or Email: info@sokodirectory.com

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