06 May 2004 22:00
Russia backed Rato`s election to head IMF - Russian executive director
WASHINGTON/MOSCOW. May 6 (Interfax) - Russia backed the election of former Spanish economics and finance minister
Rodrigo Rato to the post of International Monetary Fund (IMF) managing director, Russia's executive director in the
IMF Alexei Mozhin told Interfax Wednesday.
Russia supported RATO, Mozhin said.
"Mr. Rato is well known in Russia, especially for when Spain
The decision to elect Rato was made by consensus on May 4. Before that members of the IMF board of executive
directors held informal consultations with two nominees to the position to head the fund, European Union-nominated Rato
and Mohamed A. El-Erian, portfolio manager for PIMCO's emerging markets strategy, nominated by a member of the
fund's board of executive directors.
chaired the EU, which is why Russia supported and voted for him. His candidacy was never in doubt for us," he
said and added that Russia questioned only the procedure of electing the IMF head.
Fourteen executive directors of the IMF, including the Russian executive director, had issued a statement saying that
the procedure for electing the IMF managing director was not sufficiently open or transparent.
Rato will start work in his new capacity in June, Mozhin said. [RU EUROPE ASIA EMRG IMF] ap aw <>
[Interfax] |
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