Domique Strause-Kahn has been formally named as the new head of the international Monetary fund. The appointment of the former french socialist finance minister to the helm of the organisation had been widely expected.
The British Broadcasting corporation reported that the only other nomination for the role was Josef Tosovsky, as former CZECH Prime Minister, who was put up as a late candidate by Russia
Strauss-Kahn was backed by Europe and the US, which dominated the IMF. Strauss-Kahn was visiting chile when the IMF board decision was announced in a symbolic gesture to show his desire to give emerging economies more of a voice in key decisions at the IMF.
In a statement after the announcement on friday, he said " I am determined to pursue without delay the reforms needed for the IMF to make financial stability serve the international community, while fostering growth and employment ".
The 58-year old who lost out to Segolene Royal to be the socialist party’s candidate in the recent french presidential election will take up the post as IMF managing Director for a period of five years on 1 November.
The incumbent, spain’s Rodrigo de Rato, will step down then, cutting short his tenure for personal reasons .French president ,Nicolas Sarkozy, had supported mr Strauss-Kahn leadership bid and hailed the nomination as a "great victory for french diplomacy ".
The IMF is a multinational body charged with giving financial aid and assistance to developing countries to secure global financial stability.But there has been growing criticism over its legitimacy because of the overriding influence of rich nations at the expense of emerging power houses, such as India and china.
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