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Elections of a new head of the IMF may take a longer time: Marchenko

20 may 2011, 13:24
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Gregory Marchenko. By Yaroslav Radlovsky ©
Gregory Marchenko. By Yaroslav Radlovsky ©
Kazakhstan’s Central Bank Chairman Gregory Marchenko believes that elections of a new head of the IMF may take a longer time, and the issue might be considered more seriously than usual, Tengrinews.kz reports. This was announced by Mr. Marchenko at the EBRD annual meeting held in Astana.

“I will have a chance to hold the position [of the IMF Head] if there is an agreement at the highest political level between the greatest powers and developing nations. It is different from a democratic election in an individual country, when a candidate presents his or her program, explains what he or she plans to implement. The scheme is different here. It is part of the global politics”, Mr. Marchenko said.

He stressed that traditionally the position had been held by representatives of West Europe. However, this time it might be different, he believes. “The balance of power is evident (…) the World Bank and the IMF are two international financial institutions where developed nations have been the dominating force for 65 years (…)”. According to him, the role of developing nations in international organizations should be strengthened. “If the biggest developing nations field a single candidate, not necessarily me, the candidate might have a big chance”, head of the Kazakhstan’s National Bank believes.

Kazakhstan’s Prime Minister Karim Massimov suggested Chairman of the National Bank Gregory Marchenko as a candidate to head the IMF at the Summit of the CIS (Commonwealth of independent States) Heads of Government in Minsk. The Council supported his candidacy.

The Annual Meeting brings together the EBRD’s Board of Governors, namely the government ministers and other senior officials who represent the Bank’s shareholder countries and organisations. The Governors review the EBRD’s activities to support recovery in the region and give strategic guidance on the Bank’s operations in the period ahead. The Board of Governors sessions will be staged alongside the established Business Forum programme, launched this year under the theme “Supporting Markets – Asia Meets Europe”.

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