The International Monetary Fund approved on Friday former French
finance minister Dominique Strauss-Kahn to head the financial
institution.
"I am determined to implement without delay all the reforms the
IMF needs to put financial stability at the service of people by
fostering growth and employment," Strauss-Kahn said in a statement
after the announcement.
The EU candidate, 58, said his election was "a joy, an honor and
a responsibility."
Strauss-Kahn, also a former French presidential candidate, was
virtually guaranteed to become managing director of the
International Monetary Fund since he won the endorsement of the
US.
US Treasury Secretary Henry Paulson has said that Strauss-Kahn
"will work to make the bold reforms necessary" at the fund, which
provides technical financial advice and on occasion helps rescue
countries in balance-of-payments crisis.
French President Nicolas Sarkozy immediately hailed the
nomination as "a great victory for French diplomacy," said the
French media.
Current IMF chief Rodrigo Rato also pledged to work with
Strauss-Kahn "to ensure a smooth transition."
The outgoing managing director, who said he will step down on
October 31, praised that Strauss-Kahn "possesses the experience,
vision and dedication to public service needed to successfully lead
the IMF at this important juncture."
The 185-nation IMF is now facing touch times, including a
funding shortage. It is considering selling out its gold reserves
to maintain operation.
Rato, who was from Spain, announced in June that he would step
down in October for personal reasons, ending his five-year term two
years early.
Under a so-called gentleman's deal, the IMF is traditionally led
by a European, while its sister organization, the World Bank, is
headed by an American.
Both institutions have been under increasing pressure to undergo
internal reforms by giving more say to other members and developing
countries, including the choice of their respective leaders.
(Xinhua News Agency September 29, 2007)
