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Who should be the next managing director of International Monetary Found - Assignment Example

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The International Monetary Fund is referred to as an intergovernmental organization with the aim of overseeing the global financial system. In doing so the IMF follows the macroeconomic policies those countries registered with it particularly those countries which have an effect to the exchange rate as well as the balance of payments…
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Who should be the next managing director of International Monetary Found
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Number: Qualifications for the Next Managing Director of International Monetary Found The International Monetary Fund is referred to as an intergovernmental organization with the aim of overseeing the global financial system. In doing so the IMF follows the macroeconomic policies those countries registered with it particularly those countries which have an effect to the exchange rate as well as the balance of payments. The international monetary fund was formed in July 1944 and it only had forty five members. It came to existence in 1945 December after twenty nine countries signed the document of agreement. Following the resignation of the previous International Monetary Fund Managing Director, Dominique Strauss-Kahn, there is need for the executive board of the agency to appoint a new managing director of the organization. The executive board has to consider individual for this post in considering the role of the organization. When Strauss-Kahn was elected in 2007, the executive board came up with criteria that a candidate should meet in order to be considered for selection. Based on the activities and functioning of the organization, one of the qualifications is that the candidate should be a citizen in one of the one hundred and eighty seven member states of the organization. He or she should have taken part in high levels of implementation of a policy and have an outstanding professional record. These records should proof the candidates trustworthy as a leader as the candidates abilities. The interested candidate should possess excellent managerial and diplomatic skills. It is these skills that demonstrate the abilities of the individual to take responsibilities of the organization at all levels. Another qualification is that the candidate should be able to offer strategic vision that’s guides the duties of the agency teams. He/she should posses the ability to build consensus based on the agency’s policies and objectives. The prospective candidate should demonstrate his responsibility in driving the daily tasks carried out by the International monetary fund. The candidate should be constantly available individual so as to participate in all meetings of the urgency take decisions of the board and report them to the agency of the staff for preparation. For the candidate to demonstrate this qualification he/she should possess excellent records from their previous work environment. Given the role of the International monetary fund in managing the international financial system, the candidate should possess excellent skills in financial management and the records should also proof this according to Masson and Mussa (12). This is because the global financial system is the major area of focus of the agency. It is also important for the candidate to demonstrate knowledge of global development and underdevelopment. This is due to the fact that the agency is responsible for helping in the development of poor countries. The International Monetary Fund is a lender of last resort for those nations experiencing financial constraints so the prospective candidate should be able and posses the courage in advising the developing countries on the reforms that they should take in the financial system. For instance, the IMF managing director was accused of accentuating Asia’s economic crisis and also in Russia after he gave irrelevant advice. The same managing director has also repeated such a mistake in his capacity as the global Advisor while advising on the crisis of Euro area. In order to avoid such miscalculations while selecting the relevant individual for the post, the Executive board needs to be transparent in their selection criteria. The elected candidate is normally given a mandate to manage the organization for five years before new elections are held. Currently there are two main candidates who are likely to take up the post of the IMF managing director. These include Augustine Cartens who is Mexico’s Central Banker and also Christine Lagarde who is the minister of Economy, Finance and Industry in France. However in history, the agency’s managing director has always been from Europe, which has remained questionable in the glob al arena. As a result the Executive board in electing the right person for this post should put into consideration this international issue. This means that the completion for this position should be left open to involve other qualified candidates from all parts of the world among the member countries. In my opinion the International Monetary Fund Executive Board should mainly focus on a candidate who demonstrate all or most of the above discussed qualifications. It is also important that the board remains gender sensitive since as the records of the former managing directors indicate, there has been less gender representation. Therefore it is my pleasure to recommend that Christine Lagarde having met most of the above qualifications is the best choice to fill the vaancy. Work Cited Masson, Paul. & Mussa, Michael. The role of the IMF: financing and its interactions with adjustment and surveillance. Washington: The International Monetary Fund. 2007 Read More
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