BRICS: Selection of New IMF Chief Must Reflect New Economic Realities

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Context

The selection of the new chief of the IMF must reflect the ever-changing global economic realities and not be based on nationality, according to the executive directors of the fund’s five major emerging economies. “The convention that the selection of the managing director is made, in practice, on the basis of nationality undermines the legitimacy of the fund,” argued IMF directors of Brazil, Russia, India, China and South Africa, or BRICS nations in a joint statement on Tuesday, suggesting that the successor of former IMF chief Dominique Strauss-Kahn shouldn’t necessarily be a European. There is a common belief that developing economies and emerging markets should’ve a bigger say in global institutions.