Manuel to head panel assessing IMF governance framework
Posted 8th September 2008 at 09:44 AM by NewsTracker
Pretoria – Finance Minister Trevor Manuel has been appointed as the chairman of the committee of eminent persons which will assess the decision making framework of the International Monetary Fund (IMF).
Managing Director Dominique Strauss-Kahn of IMF on Thursday announced the appointment of the committee which will also investigate and advise on any modifications that might enable the institution to fulfil its global mandate more effectively.
The committee, chaired by Mr Manuel includes Michel Camdessus, former Managing Director of the IMF; Kenneth Dam, Max Pam Professor at the University of Chicago; Mohamed El-Erian, co-Chief Executive Officer (CEO) of Pacific Investment Management; Sri Mulyani Indrawati, Minister of Finance of Indonesia; Guillermo Ortíz, Governor of the Bank of Mexico; Robert Rubin, Senior Counselor at Citigroup; and Amartya Sen, Lamont University Professor at Harvard University.
"Important progress has been made in the reform of the Fund's governance, including the initiation of a process to realign members' voting power within the Fund.
“However, the task of enhancing the Fund's legitimacy and effectiveness must also come to grips with the question of whether the significant changes since the establishment of the Fund require reform of the institutional framework through which members' voting power is actually exercised.
“Among other things, this requires careful consideration of the respective roles and responsibilities of the Board of Governors, the International Monetary and Financial Committee (IMFC), the Executive Board, and Fund Management," Mr Strauss-Kahn said.
The committee's perspective which Mr Strauss-Kahn said he hopes to have by April 2009 will provide yet another important input to the IMF’s reform efforts.
“I want to thank these eminent persons for agreeing to bring their experience, expertise, and wisdom to bear on the on-going reform of IMF governance.
“It is my hope that concrete proposals can be distilled from this large body of work by September 2009," Mr Strauss-Kahn added. - BuaNews
Managing Director Dominique Strauss-Kahn of IMF on Thursday announced the appointment of the committee which will also investigate and advise on any modifications that might enable the institution to fulfil its global mandate more effectively.
The committee, chaired by Mr Manuel includes Michel Camdessus, former Managing Director of the IMF; Kenneth Dam, Max Pam Professor at the University of Chicago; Mohamed El-Erian, co-Chief Executive Officer (CEO) of Pacific Investment Management; Sri Mulyani Indrawati, Minister of Finance of Indonesia; Guillermo Ortíz, Governor of the Bank of Mexico; Robert Rubin, Senior Counselor at Citigroup; and Amartya Sen, Lamont University Professor at Harvard University.
"Important progress has been made in the reform of the Fund's governance, including the initiation of a process to realign members' voting power within the Fund.
“However, the task of enhancing the Fund's legitimacy and effectiveness must also come to grips with the question of whether the significant changes since the establishment of the Fund require reform of the institutional framework through which members' voting power is actually exercised.
“Among other things, this requires careful consideration of the respective roles and responsibilities of the Board of Governors, the International Monetary and Financial Committee (IMFC), the Executive Board, and Fund Management," Mr Strauss-Kahn said.
The committee's perspective which Mr Strauss-Kahn said he hopes to have by April 2009 will provide yet another important input to the IMF’s reform efforts.
“I want to thank these eminent persons for agreeing to bring their experience, expertise, and wisdom to bear on the on-going reform of IMF governance.
“It is my hope that concrete proposals can be distilled from this large body of work by September 2009," Mr Strauss-Kahn added. - BuaNews
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