Spain's Rodrigo Rato Elected New IMF Chief

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Spain's Rodrigo Rato Elected New IMF Chief

Tue May 4, 2004 09:13 PM ET


WASHINGTON (Reuters) - The International Monetary Fund on Tuesday elected Spanish former Economy Minister Rodrigo Rato as its new managing director that maintains the tradition of a European heading the 184-nation global lender.

Rato was picked in a two-stage vote by the IMF's 24-member executive board, including a secret straw poll that produced a majority in favor of the Spaniard, the fund said.

"The Executive Board of the International Monetary Fund today selected Rodrigo Rato to serve as managing director and chairman of the executive board for a five-year term," an IMF statement said.

Rato, 55, succeeds Horst Koehler, who resigned in March to bid for the German presidency. He is expected to hold a news conference in Madrid on Wednesday.

His appointment is considered a triumph for the political status quo over change sought by developing countries that want to end the 60-year custom of putting a European in charge of the IMF...CONT'D >

http://www.reuters.com/newsArticle.jhtml?type=worldNews&storyID=5040091